Business
Updated: EMH - CEZ to Invest in Cinovec
Updated: EMH - CEZ to Invest in Cinovec.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n RNS Number : 8679H\n Cadence Minerals PLC\n 27 March 2020\n \n \n \n \n The following amendment has been made to the 'EMH - Agreement with CEZ to Invest in Cinovec' announcement released on 27/03/2020 under RNS No 8629H:\n \n \n Cadence Minerals Holding in EMH\n \n \n Cadence holds approximately 16.7% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (\"Geomet\"), controls the mineral exploration licenses awarded by the Czech State over Cinovec.\n \n \n All other details remain unchanged. The full amended text is shown below.\n \n \n \n \n \n Cadence Minerals Plc\n \n \n \n \n \n (\"Cadence Minerals\" or \"Cadence\")\n \n \n \n \n \n European Metals (AIM: EMH) - Final Agreement with CEZ to make Significant Investment into Cinovec Project.\n \n \n Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from European Metals Holdings Limited (\"European Metals\" \"EMH\" or \"the Company\") that it has today reached final agreement (\"Final Agreement\") with CEZ Group (\"CEZ\"), one of Central and Eastern Europe's largest power utilities, regarding a strategic partnership and significant investment into the Cinovec Project (\"Cinovec\" or \"the Project\"). \n \n \n The Company announced on 20 November 2019 (\"Potential Strategic Partnership with CEZ and Significant Investment into Cinovec Project\") the terms of a conditional agreement (\"Conditional Agreement\") with CEZ under which CEZ had the option to subscribe to become a 51% shareholder in Geomet s.r.o. (\"Geomet\"), the Company's Czech subsidiary and holder of the rights over the Project.\n \n \n The Final Agreement reached today is now a binding commitment from CEZ to subscribe to become a 51% shareholder in Geomet, and is conditional only upon EMH shareholder approval, which will be sought at an EGM to be held in April 2020.\n \n \n The amended terms of the Final Agreement (as compared to the Conditional Agreement) include:\n \n \n · \n in the context of the binding commitment to invest described above and current market conditions, a reduction of the price payable by CEZ upon completing of the subscription of Geomet shares from €34,061,265 to €29,100,000; and\n \n \n · \n allowing CEZ to elect to withdraw from funding of the Project at two separate milestones. ...