Business
Placing to raise £500,000 & Issue of Warrants
Placing to raise £500,000 & Issue of Warrants.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n\nCadence Minerals Plc\n \n(\"Cadence Minerals\", \"Cadence\", or \"the Company\")\n \nPlacing to raise £500,000 and Issue of Warrants to Advance the Amapa Iron Ore Project\n \nCadence Minerals (AIM: KDNC; OTC: KDNCY) announces that it has successfully raised, subject to Admission, £500,000 before expenses (the \"Fundraise\") through the placing of 16,666,667 new ordinary shares (the \"New Ordinary Shares\") in the capital of the Company at a price of 3 pence per Ordinary Share (the \"Issue Price\") and the issue of warrants to the subscriber of the New Ordinary Shares in the ratio of one warrant to each one New Ordinary Share subscribed for (the \"Warrant\"). The Fundraise was with a single institutional investor.\n \nThe Issue Price represents a discount of approximately 43 per cent. to the closing price of 5.25 pence per ordinary share on 4 April 2024, being the latest practicable business day prior to the publication of this Announcement.\n \nThe Warrants in the Fundraise grant rights to subscribe for one additional Ordinary Share for each Warrant held in the ratio of one Warrant for every one New Ordinary Share issued to the investor. The Warrants are exercisable at a price of 5 pence per Ordinary Share and expire on 31 March 2025\n \nThe net proceeds of the Fundraise will solely be used to fund Cadence's investment in the Amapá Iron Ore Project in Brazil (\"Amapá\", \"Project\" or \"Amapá Project\"), specifically:\n \n· Prepare a revised mine schedule, up to a Pre-Feasibility Study (\"PFS\") level, to reflect an increased production of 5.5 million tonnes per annum (\"Mtpa\"), with 4.51 Mtpa at 65% Fe and 0.99 Mtpa at 62% Fe.\n· Prepare and publish a revised PFS economic model that reflects the production increase and the 33% lower plant capital expenditure, which we announced on March 22, 2024.\n· The sampling and testing of the 67% Fe \"Green Iron\" product flow sheet, to a PFS level or accuracy.\n· If the testing of the \"Green Iron\" flow sheet is successful, the preparation and publication of a revised PFS economic model to reflect the higher product quality increased production.\n· Working capital at the Amapá Project to fund on...