Business
Sonora Lithium Project Arbitration Funding
Cadence Minerals plc has received a Funding Confirmation Notice from LCM Funding SG Pty Ltd, securing non-recourse litigation financing for its arbitration against the United Mexican States concerning its investments in the Sonora Lithium Project. This funding, which will cover legal fees and disbursements according to an agreed budget, significantly strengthens Cadence's ability to pursue its claims under the UK-Mexico BIT, which it believes were breached by measures including the cancellation of mining concessions amidst Mexico's lithium nationalisation. The company views this as a crucial step in protecting shareholder value and seeking redress while preserving its balance sheet flexibility. Disclaimer*
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n\n\n\nThe company deems the information contained within this announcement to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.\n \nCadence Minerals Plc\n \n(\"Cadence Minerals\", \"Cadence\", or \"the Company\")\n \nSonora Lithium Project\nArbitration Funding Confirmation Notice\n \nCadence Minerals plc (AIM: KDNC) (\"Cadence\") is pleased to announce that LCM Funding SG Pty Ltd (\"LCM\" or the \"Funder\") has completed due diligence and issued a Funding Confirmation Notice (\"FCN\") under the Arbitration Funding Agreement (\"AFA\") entered into between LCM, Cadence and Cadence's wholly owned subsidiary, REM Mexico Limited (\"REM Mexico\"), regarding claims arising in relation to Cadence and REM Mexico's investments in the Sonora Lithium Project in Sonora State, Mexico. With funding secured, Cadence and REM Mexico intend to commence international arbitration against the United Mexican States under the agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United Mexican States for the Promotion and Reciprocal Protection of Investments (\"UK-Mexico BIT\").\n \nFollowing LCM's issuance of the FCN, non-recourse litigation financing is now available to Cadence and REM Mexico, subject to the terms of the AFA, to support Cadence and REM Mexico in pursuing their claims under the UK-Mexico BIT. Under the signed arrangements, LCM has agreed to pay Cadence and REM Mexico's legal fees and disbursements in accordance with an agreed budget on a non-recourse basis.\n \nHighlights\n· FCN issued by LCM following completion of LCM's due diligence in relation to Cadence and REM Mexico's claims against Mexico under the UK-Mexico BIT.\n· Non-recourse litigation funding now available to support Cadence and REM Mexico's legal claims in relation to their investments in the Sonora Lithium Project in accordance with an agreed budget and the terms of the AFA.\n· Cadence believes this funding materially strengthens its ability...