Business
Macarthur JV Partner - FIRB Approves Royalty Sale
Macarthur JV Partner - FIRB Approves Royalty Sale.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n RNS Number : 2571O\n Cadence Minerals PLC\n 28 May 2020\n \n \n \n \n Cadence Minerals Plc\n \n \n (\"Cadence Minerals\", \"Cadence\" or \"the Company\")\n \n \n \n \n \n Macarthur Minerals (TSX-V: MMS) Joint Venture Partner Fe Limited announces FIRB approval for sale of Iron Ore royalty.\n \n \n \n \n \n Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (\"Macarthur\") Joint Venture Partner, Fe Limited (\"FEL\") has announced that the sale of its Evanston royalty interest to Trident Resources PLC (LSX: TRR) has been granted approval from Australia's Foreign Investment Review Board (FIRB).\n \n \n \n \n \n The transaction has already received approval from FEL's Shareholders, and the announcement by FEL that FIRB approval has also been granted is another important step. The transaction remains subject to Trident commencing trading on the AIM Market of the London Stock Exchange, which has been targeted to occur by 2 June 2020.\n \n \n \n \n \n FEL has entered into an earn-in agreement with Macarthur for eight tenements in the Pilbara region of Western Australia, including the Hillside Gold and Copper Project. Under the terms of the earn-in agreement, Macarthur acquired 5.4% of the ordinary shares in FEL in August 2019 as consideration for the stage 1 Option Exercise Fee. The Evanston royalty transaction will provide FEL with the necessary funding to support its ongoing exploration programs, including follow-up works to the recent drilling program completed at the Hillside Gold and Copper Project.\n \n \n \n \n \n \n Macarthur President and Executive Chairman Cameron McCall commented:\n \n \n \"The confirmation that the sale of FEL's royalty interest to Trident Resources has cleared a key regulatory approval requirement in Australia with the FIRB is further pleasing news for our joint venture partner FEL and its ability to fund its ongoing exploration programs, including further exploration activities on Macarthur's Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects. Macarthur looks forward to working with FEL on furthering these opportunities and delivering value to its shareholders.\"\n \n \n \n \n \n \n The full release can be found at: https://web.tmxmoney.com/article.php?newsid=76442763397...