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Cadence Minerals #KDNC says Bacanora Minerals #BCN granted mining licence for Zinnwald Lithium Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that Bacanora Minerals (AIM: BCN, TSXV: BCN) has announced that its jointly controlled entity, Deutsche Lithium GmbH, has been granted a mining licence covering 256.5 hectares of its Zinnwald Lithium Project which is located in southern Saxony, Germany, close to the key German automotive and downstream lithium chemical industries. The 30-year Licence has been issued by the Saxony State Mining Authority (Sächsisches Oberbergamt) in accordance with §8 of the German Mining Act (Bundesberggesetz)
The following work has been completed or is ongoing:
- A resource infill drilling programme to upgrade the existing resource model in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects
- Four of out of 15 planned infill drilling holes have been completed – the remaining holes are scheduled for completion by January 2018
- Collection of a 100 tonne bulk ore sample from the legacy mine at Zinnwald to provide samples for metallurgical testwor
- Material has been crushed and sent to metallurgical laboratories in Germany
- Grinding, magnetic separation and concentration testwork programmes will be carried out over the next four months to develop the final flowsheet to produce a lithium rich concentrate
- On completion of the concentration testwork, hydrometallurgical testwork for downstream processing will be undertaken, focusing on the production of higher value lithium battery chemical products
Bacanora is a lithium exploration and development company. Cadence has a 9.3% of Bacanora’s equity and a 30% stake in the Mexalit S.A. de CV joint venture which forms part of the Sonora Lithium Project in Northern Mexico.
The full release can be found at: https://www.investegate.co.uk/bacanora-minerals-ld–bcn-/rns/mining-licence-issued-for-lithium-project–germany/201711080700058491V/
Kiran Morzaria, Chief Executive Officer of Cadence, commented: “We are very pleased to see the grant of the mining licence for the Zinnwald Project. Like the Sonora Project in Mexico, Zinnwald has the characteristics of a world class asset, which has the potential to provide significant supplies of lithium products to the strategically important European and Asian lithium markets.“
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For further information, please contact. |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
|
Andrew Suckling |
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|
Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
|
James Joyce |
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|
James Bavister |
|
|
Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
|
Neil Passmore |
|
|
Giles Fitzpatrick |
|
|
Square1 Consulting |
+44 (0) 207 929 5599 |
|
David Bick |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Cadence Minerals #KDNC – Bacanora Minerals #BCN says feasibility study update & surface rights secured for Sonora Lithium Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that Bacanora Minerals (AIM: BCN, TSXV: BCN) has secured access and surface rights for the Sonora Lithium Project in Mexico. This is in line with Bacanora’s strategy to construct an open-pit mine and large-scale beneficiation processing facility at Sonora, which is one of the world’s larger deposits. In addition it has further progressed its Feasibility Study for a 35,000 tonnes per annum lithium carbonate operation at Sonora. The FS is on course for completion in late 2017.
Highlights from the Bacanora Release
· The access and surface rights mainly relate to the land area covering mineral resources contained within the La Ventana, Fleur and El Sauz areas.
· Bacanora has entered into binding agreements to acquire the freehold to two parcels of land which, following completion of the FS, will provide with unrestricted access to develop the Project and operate it for the initial life of mine.
· Siginificant progress toward the completion of the FS by the end of 2017 has been made;
· Vendor quotes for the supply of equipment have been received
· Reagent and chemical supply pricings have been received
· Mass and Energy Balances and detailed flow sheets completed
· The pilot plant in Hermosillo continues to operate to produce battery grade lithium carbonate product samples and Bacanora receives ongoing feedback from future customers in Asia.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7518385809616384&qm_symbol=BCN
Kiran Morzaria, Chief Executive Officer of Cadence, commented: “Securing the access and surface rights represents another major step for the Sonora Project in delivering its planned, large scale lithium production facility.”
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For further information, please contact. |
|
|
Cadence Minerals plc |
+44 (0) 207 440 0647 |
|
Andrew Suckling |
|
|
Kiran Morzaria |
|
|
WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
|
James Joyce |
|
|
James Bavister |
|
|
Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
|
Neil Passmore |
|
|
Giles Fitzpatrick |
|
|
Square1 Consulting |
+44 (0) 207 929 5599 |
|
David Bick |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Cadence Minerals (KDNC) – Strategic Development and Update re Loan Notes
During September 2017, when we announced the profitable sale of part of our stake in Bacanora Minerals Ltd, we also signalled a strategic shift to redeploy some of our balance sheet resources to other early stage mineral exploration assets.
We are now in the advanced stages of reviewing several early stage lithium assets in well-known lithium jurisdictions where we see the potential to deliver shareholder value by investing in projects that have shorter development timeline to cashflow than a typical lithium carbonate producer. Our intent is to earn in at a project level basis, and we are focused on assets where we can both hold larger stakes and also utilise our considerable mining and financial management expertise to achieve the high level of returns to those made on our portfolio to date.
To support this strategy we have looked to improve our balance sheet flexibility, and therefore the Company has repurchased US$ 6.45 million of the US$12.9 million outstanding secured convertible loan notes, at par value. The restructuring of the remaining US$6.45 million of the Old Convertible Notes is being completed via the issue of two new convertible loan notes, details of which are shown below.
Key Highlights:
- The debt restructuring, when completed, will provide a simplified balance sheet structure, and halve the interest burden;
- It will significantly reduce the cost of debt (convertible loan note coupon of 5% versus a combined interest rate of 2.6% over the New Convertible Loan Notes);
- The strengthened balance sheet will allow us to advance our strategic shift and in particular, provide long-term funding to new investments up to scoping or pre-feasibility study level; and
- Alongside this, we will be seeking to develop and foster partnerships which would enable us to fund and develop these new projects once a pre-feasibility has been completed.
Kiran Morzaria, Chief Executive Officer of Cadence, commented: “The EV revolution has created an unprecedented demand for lithium compounds, even with current forecast capacity for the production of the raw materials, our analysis shows that this will not meet demand in the short to medium term. Cadence’s core investments have performed well to date. However, your board sees an opportunity to potentially identify and invest in greenfield projects that could supply the market sooner than a typical lithium carbonate producer.”
Detail of Restructuring
Utilising current cash reserves the Company has repurchased US$ 6.45 million of the US$12.9 million Old Convertible Notes, at par value inclusive of the 5% outstanding interest. The outstanding US$6.45 million was restructured via the issue of two New Convertible Notes.
Of the US$ 6.45 million, US$3.9 million was restructured via the issue of the first convertible loan note with the following key terms:
- Interest will be 0%;
- The principle repayment will be made in September 2018; and
- The loan notes are convertible at any time during this period at 0.364 pence (a 12% premium to the closing mid-market price as at 31 October 2017).
The remaining US$2.55 million was restructured via the issue of the second convertible loan note with the following key terms:
- Interest will be 10%
- A principle and interest repayment holiday until to January 2018;
- After which the principle and interest will be paid via equal instalment over nine-month period with the principle being fully repaid by the end of September 2018; and
- The loan notes are convertible at any time during this period at 0.473 pence (46% premium to the closing mid-market price as at 31 October 2017).
Both notes, as the Old Convertible Notes were, are secured against the Company’s assets.
Live Webinar; Friday 10 November
The Company will be hosting a live webinar at 10.00am GMT on Friday 10 November 2017 to discuss this announcement, performance in 2017 and plans for 2018. The live webinar will be available on the following link: http://webcasting.brrmedia.co.uk/broadcast/59ce049bd349960788385564/59ce5e874a51eb870400002b.
Listeners are encouraged to submit questions prior to the call by emailing cadence@brrmedia.co.uk or by clicking on the question button at the foot of the webcasting.
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For further information, please contact. |
|
|
Cadence Minerals plc |
+44 (0) 207 440 0647 |
|
Andrew Suckling |
|
|
Kiran Morzaria |
|
|
WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
|
James Joyce |
|
|
James Bavister |
|
|
Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
|
Neil Passmore |
|
|
Giles Fitzpatrick |
|
|
Square1 Consulting |
+44 (0) 207 929 5599 |
|
David Bick |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Given the advanced nature of the review of the potential new investments and in accordance with the Company’s share dealing code the board is currently prevented from dealing in the Company’s shares. The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
Cadence Minerals (KDNC) – Bacanora Minerals receives environmental approval for Sonora Lithium Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that Bacanora Minerals (AIM: BCN, TSXV: BCN) has announced that the Environmental Impact Statement, the Manifestacion de Impacto Ambiental, for its flagship Sonora Project in Mexico has been approved by SEMARNAT, the Environment Ministry of Mexico. Bacanora Minerals has also provided an update on its Feasibility Study for a 35,000 tonnes per annum lithium carbonate operation at Sonora, which on course for completion in late 2017.
Highlights:
- MIA approval received for a 35,000tpa lithium carbonate operation at Sonora, following completion of comprehensive environmental and social baseline studies.
- Approval represents a major milestone for Bacanora and is in line with its strategy to construct an open-pit mine and a large-scale beneficiation processing facility at Sonora.
- FS expected to confirm Sonora occupies a favourable position in the industry cost curve.
- Development of a conventional beneficiation process followed by a standard SO4 roasting process that has been de-risked by the Project’s pilot plant which has continuously produced battery grade lithium since May 2016.
- Ability to re-cycle Na2SO4 into the roaster negates the requirement to purchase expensive sulphuric acid as a sulphate SO4 source.
- Sonora has an Indicated Mineral Resource of 4.5 million tonnes Lithium Carbonate Equivalent (“LCE”) and 2.7 million tonnes Inferred and Probable Mineral Reserves of 2.1 million tonnes.
The full release can be found at: https://www.investegate.co.uk/bacanora-minerals-ld–bcn-/rns/environmental-approval-for-sonora-lithium-project/201710200700021384U/ .
Kiran Morzaria, Chief Executive Officer of Cadence, commented: “It is great to see the Progress being made at Sonora, the environmental approvals are a key step in the development of bringing this excellent asset into production. It is also important to note that the change in roasting process has continued to produce battery grade lithium carbonate since May and that the process mitigates the requirement for sulphuric acid.” “Sonora is considerably de-risked and scalable and we look forward to seeing the results from the upcoming feasibility study.”
– Ends –
|
For further information, please contact. |
|
|
Cadence Minerals plc |
+44 (0) 207 440 0647 |
|
Andrew Suckling |
|
|
Kiran Morzaria |
|
|
WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
|
James Joyce |
|
|
James Bavister |
|
|
Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
|
Neil Passmore |
|
|
Giles Fitzpatrick |
|
|
Square1 Consulting |
+44 (0) 207 929 5599 |
|
David Bick |
The Sonora Lithium Project and Details of Cadence’s ownership:
Cadence Minerals holds 9.3% of the equity in Bacanora Minerals and 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions. These concessions form part of the Sonora Lithium Project as assessed in the Pre-Feasibility Study published in April 2016 by Bacanora.
As of the date of publication of the PFS, The Sonora Lithium Project contained some 7.2 million tonnes of Lithium Carbonate Equivalent within the indicated and inferred mineral resource estimate categories sit on the of which of which 2.1 million tonnes of LCE were classified as probable mineral reserves. Of these mineral resources and reserves, 4.1 million tonnes of LCE total mineral resources and 1.7 million tonnes of LCE probable mineral reserves sit within mineral concessions owned by Mexalit.
Megalit does not form part of the Sonora Lithium Project as defined PFS and as yet has had no mineral resource estimate carried out on it.
The direct and indirect interests of Cadence in the Sonora Lithium Project and other mineral concessions in the Sonora province are as follows:
- La Ventana and La Ventana 1, which are 100 percent owned by Minera Sonora Borax S.A. de C.V.(“MSB”), a wholly-owned subsidiary of Bacanora; Cadence, through its direct interest of 9.3% of Bacanora, has an indirect interest in these concessions of 9.3%.
- El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions, which are held by Mexilit S.A. de C.V.. Cadence has a 30% direct interest in Mexalit through its Joint Venture with Bacanora, and when combined with Cadence’s direct interest of 9.3% in Bacanora, has a total economic interest in Mexalit of 36.5%.
- Buenavista, San Gabriel and Megalit concessions, which are held by Megalit S.A. de C.V. (“Meglait”). Cadence has a 30% direct interest in Mexalit through its Joint Venture with Bacanora, and when combined with Cadence’s direct interest of 9.3% in Bacanora, has a total economic interest in Mexalit of 36.5%.
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Cadence Minerals (KDNC) delivers a £2.7m profit on partial sale of Bacanora Minerals (BCN) equity stake
Cadence Minerals is pleased to announce that it has sold approximately 8.90 million shares representing 42% of its equity stake in Bacanora Minerals Ltd for gross proceeds of £6.23 million. Cadence purchased these shares between June 2013 and September 2014 for £3.56 million. The realised gross profit from this sale is £2.67 million, or a 75% realised a return on our equity investment.
As announced in the cleansing statement on the 21 August 2017, Cadence Minerals was approached by a single strategic investor who was interested in taking a material portion of the total equity stake owned by Cadence in Bacanora. Subsequent to this, and after further negotiations, management determined that Cadence should re-engage with institutional investors to complete the sale. As such Cadence has sold approximately 8.9 million shares to several institutional investors, and it has for the time being ceased discussions with the strategic investor.
Cadence Minerals continues to have great confidence in Bacanora Minerals and its management team, and we look forward to being a supportive shareholder and joint venture partner in the development of the Sonora Lithium Project. We continue to believe that the Sonora Lithium Project has the potential to be a significant producer of battery grade lithium carbonate and will form an important part of the global lithium compound supply chain in the coming years.
Nonetheless given that Cadence is an Investment company, Cadence has taken this decision to realise some of the profits from this investment for two principal reasons.
First, it is important of itself that we realise investment profits in a timely fashion for the benefit of the Company.
Second, this is also a strategic decision to redeploy some of the sale proceeds for reinvestment in other early stage mineral exploration companies where we can both hold larger stakes and add our considerable mining and financial management expertise to achieve returns of a similarly high level to those made on our Bacanora investment to date.
The board and its strategy have evolved significantly since the Company took a minority stake in Bacanora four years ago and it will be an increasingly stronger theme with our new investments that we take a more active role in the management of the companies we invest in.
In addition, we also will utilise the Companies now bolstered balance sheet to renegotiate the current debt facility which is redeemable during the current fiscal year.
The Sonora Lithium Project and Details of Cadence’s ownership:
Subsequent to this disposal Cadence Minerals will hold 9.3% of the equity in Bacanora Minerals and 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions. These concessions form part of the Sonora Lithium Project as assessed in the Pre-Feasibility Study (“PFS”) published in April 2016 by Bacanora.
As of the date of publication of the PFS, The Sonora Lithium Project contained some 7.2 million tonnes of Lithium Carbonate Equivalent (“LCE”) within the indicated and inferred mineral resource estimate categories sit on the of which of which 2.1 million tonnes of LCE were classified as probable mineral reserves. Of these mineral resources and reserves, 4.1 million tonnes of LCE total mineral resources and 1.7 million tonnes of LCE probable mineral reserves sit within mineral concessions owned by Mexalit.
Megalit does not form part of the Sonora Lithium Project as defined PFS and as yet has had no mineral resource estimate carried out on it.
The direct and indirect interests of Cadence in the Sonora Lithium Project and other mineral concessions in the Sonora province are as follows:
– La Ventana and La Ventana 1, which are 100 percent owned by Minera Sonora Borax S.A. de C.V.(“MSB”), a wholly-owned subsidiary of Bacanora; Cadence, through its direct interest of 9.3% of Bacanora, has an indirect interest in these concessions of 9.3%.
– El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions, which are held by Mexilit S.A. de C.V. (“Mexilit”). Cadence has a 30% direct interest in Mexalit through its Joint Venture with Bacanora, and when combined with Cadence’s direct interest of 9.3% in Bacanora, has a total economic interest in Mexalit of 36.5%.
– Buenavista, San Gabriel and Megalit concessions, which are held by Megalit S.A. de C.V. (“Meglait”). Cadence has a 30% direct interest in Mexalit through its Joint Venture with Bacanora, and when combined with Cadence’s direct interest of 9.3% in Bacanora, has a total economic interest in Mexalit of 36.5%.
Prior to publication, certain information contained within this announcement was deemed to constitute inside information for the purposes of Article 7 or EU Regulation 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.
– Ends –
|
For further information please contact |
|
|
Cadence Minerals plc |
+44 (0) 207 440 0647 |
|
Andrew Suckling |
|
|
Kiran Morzaria |
|
|
WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
|
James Joyce |
|
|
James Bavister |
|
|
Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
|
Neil Passmore |
|
|
Giles Fitzpatrick |
|
|
Square1 Consulting |
+44 (0) 207 929 5599 |
|
David Bick |
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £35 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Quoted Micro 28 August 2017
NEX EXCHANGE
Good Energy (GOOD) and Ecotricity have come to an agreement that means the latter has withdrawn its requisition of a general meeting. No details were released about the reasons behind the withdrawal.
Cadence Minerals (KDNC) is in talks to sell part of its 16.1% stake in AIM-quoted Bacanora Minerals (BCN) to a strategic investor group. Bacanora’s main interest is in the Sonora lithium project in Mexico.
Blockchain investment company Coinsilium Group Ltd (COIN) has formed a Gibraltar-based subsidiary called Terrastream Ltd, which plans to develop blockchain platform for a token-based alternative funding system. Gibraltar is expected to be the first jurisdiction to develop a regulatory framework for distributed ledger technology and the blockchain. A token sale will help to finance the development work. The initial focus is likely to be the resources sector.
MetalNRG (MNRG) has added additional ground to its licence in Australia. The new area will be called Palomino North.
All Star Minerals (ASMO) has extended the terms of the convertible loan note issued to Valiant Investments have been extended so it matures in May 2018. The annual interest charge is 20% and the conversion price is 0.1p a share. The maturity dates of other loan notes totalling £110,000 have been extended to January 2018. The interest rate and conversion price are the same. Shares have been issued to satisfy past liabilities on these loan notes.
AIM
Warehouse REIT has issued the AIM prospectus for its placing, offer for subscription and intermediaries offer to raise up to £150m. An existing portfolio of warehouse assets will be acquired for £108.9m, based on a 7% net initial yield, and there are other potential assets being assessed. A dividend of 5.5p a share is being targeted for the year to March 2019.
Utilitywise (UTW) has confirmed that trading last year was in line with expectations so pre-tax profit is likely to decline from £8.2m to £4.7m.
Palace Capital (PCA) has sold a Bristol property for £2.25m, which is its net asset value, following the loss of one of its tenants, Blafour Beatty. The property was acquired as part of a portfolio from Quintain in 2013.
Scientific Digital Imaging (SDI) is acquiring Applied Thermal Control, a manufacturer of chillers, coolers and heat exchangers, for up to £1.2m.
Management Resource Solutions (MRS) says that its chief executive Joe Clayton has left the company. He was appointed chief executive at the end of 2016. In the year to June 2017, MRS generated revenues of A$52.2m and the loss for the year will be higher than expected. Exceptional costs will also be higher than thought initially. MRS had cash of A$2m.
Gatemore Capital has increased its stake in DX (DX.) from 21.3% to 23.8% following the resumption of trading in the shares.
Redx Pharma (REDX) will be paying unsecured creditors in full. The process has begun but it will take some time. This brings the reintroduction of trading in the shares nearer.
Home improvements products provider entu (UK) (ENTU) is appointing an administrator because it has not agreed a refinancing with a potential financial backer. The trading businesses will be sold. Trading in the shares was suspended on 24 August. entu raised £32.8m when it joined AIM in October 2014.
Kin Group (KIN) has been unable to secure the funding it requires and an administrator has been appointed to the main subsidiary. Kin Group will not get anything from a sale of the subsidiary and it will become a shell. There will still be a requirement for a fundraising for the shell to be viable.
365 Agile (365) has left AIM because it has been unable to secure a reverse takeover. Potential acquisitions are still being assessed.
Mercantile Ports and Logistics Ltd (MPL) has signed up the first customer for its Mumbai port facility. This should generate £4.7m for each one million tonnes handled, with the payment raised by 7% a year. Two million tonnes of cargo have been contracted for the first year, with a guaranteed minimum of 750,000 tonnes, and the figure will rise for each of the next two years reaching three million tonnes in the third year, with a minimum of two million tonnes. Operations should commence in December. The share price rose by two-thirds to 8.13p.
Sula Iron & Gold (SULA) has raised £900,000 at 0.146p a share but £500,000 of this figure will be part of an equity sharing agreement. Sula is gambling that it will receive £500,000 or more as part of the equity sharing agreement and this will paid on a monthly basis until September 2018. The benchmark price is 0.161p a share so each month the share price has to be at least that level for Sula to at least receive that amount owed. The board members have agreed to halve their salaries.
Verditek (VDTK) has secured a deal that will mean that 51%-owned Greenflex Energy will provide its solar technology to power digital advertising boards in bus shelters in Italy. This is a trial contract won via competitive tender and starting with one bus shelter and then rolling out to a further 20. The customer is Media One, which operates more than 5,000 digital advertising boards.
Finsbury Food (FIF) is closing the loss-making pastry products maker Grain D’Or,which has failed to improve despite cost controls. Grain D’Or was acquired as part of the £56m Fletchers acquisition in 2014 and last year generated revenues of £28.5m.
Church & Dwight has terminated its CSD500 condom licensing deal with Futura Medical (FUM) after just over four years. The licence covered North America and part of Europe. The rights will be returned to Futura by November. New partners will be sought.
Green & Smart Holdings (GSH) says that biogas project development is on track and the company could pay a maiden dividend for the 2017-18 financial year.
Investment in the business has held back first half progress at packaging manufacturer Robinson (RBN) and underlying pre-tax profit fell from £580,000 to £364,000. It was also difficult to pass on plastic resin cost increases. Full year profit is forecast to fall from £2.2m to £1.2m.
Bushveld Minerals Ltd (BMN) has retired its $3m prepayment facility, which was used to buy part of its 78.8% stake in Strategic Minerals Corporation, with Wogen Resources. Vametco Alloys has increased its facility from $6m to $11m. Vametco’s Nitrovan vanadium will be marketed by Wogen around the world outside of Japan and Taiwan.
Filta Group Holdings (FLTA) is acquire drain services provider Grease Management for up to £1.11m. Annual revenues are £1.28m and three-quarters are recurring. Post-acquisition cost savings of around £100,000 could nearly double the profit contribution.
Cancer drug developer Sareum (SAR) says that its full year profit will be better than expected. The cash pile will also be higher than forecast.
Sphere Medical Holdings (SPHR) is ditching its AIM quotation as part of a funding deal with Woodford Investment Management and the Wales Life Sciences Investment Fund, which will invest £5m in convertible preferred shares. Other investors will invest up to £3m. The convertibles will be issued at 2.82p each and can be swapped for one ordinary share. Sphere will be re-registered as a private limited company, which makes it possible for Woodford to invest more.
MAIN MARKET
Nanoco Group (NANO) is attracting interest in its cadmium-free quantum dots following the EU’s plans to ban cadmium in displays from October 2019. However, revenues are slower in coming through than hoped.
Photovoltaic silicon wafers supplier PV Crystalox Solar (PVCS) still had net cash of €27.9m at the end of June 2017. Running down inventories has offset the loss of €5.4m. A decision should be made by the arbitration tribunal concerning a customer that did not purchase the wafers it was contracted to buy by the end of September.
Packaging company Macfarlane Group (MACF) increased its revenues from £81.5m to £89.8m, while pre-tax profit jumped from £2m to £2.54m with the improvement coming from the distribution business. Net debt was £14.6m at the end of June 2017, while the pension fund deficit was cut from £14.5m to £13.4m. The interim dividend was increased from 0.55p a share to 0.6p a share.
Following the ending of bid talks for Quarto (QRT), Liontrust has cut its stake from 12.65% to 7.54%. Cavendish Asset Management has taken its stake to 5.18%, while two directors have also made small purchases.
Shares in standard list hostels operator Myanmar Strategic (SHWE) started trading on 22 August. The placing price was $10 and the shares are trading at $9.5m – a bid/offer price of $7/$12.
Standard list shell Boston International (BIH) is in talks to acquire Cornhill FX Holdings. This is part of the strategy to acquire operations in the foreign exchange sector. Legal and financial due diligence is being undertaken. Cornhill Capital is Boston’s broker.
Andrew Hore
Cadence Minerals (KDNC) – Bacanora Minerals update on Sonora Lithium Project
Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that Bacanora Minerals in which Cadence currently owns a 16.1% shareholding has provided an update on the Sonora Project in Mexico, including progress on the work processes for the feasibility study and debt funding discussions.
The full Bacanora announcement can be found at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/13340072.html.
The Sonora Lithium Project and Details of Cadence’s ownership:
Cadence owns a direct interest of 16.1% of Bacanora. The Sonora Lithium Project is comprised of the following lithium properties:
- La Ventana, La Ventana 1, and Megalit concessions, which are 100 percent owned by Minera Sonora Borax S.A. de C.V.(“MSB”), a wholly-owned subsidiary of Bacanora; Cadence, through its direct interest of 16.06% of Bacanora, has an indirect interest in these concessions of 16.1%.
- El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions, which are held by Mexilit S.A. de C.V. (“Mexilit”). Cadence has a 41.2% direct interest in Mexalit through its Joint Venture with Bacanora, and when combined with Cadence’s direct interest of 16.1% in Bacanora, has a total economic interest in Mexalit of 41.2%.
– Ends –
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For further information, please contact. |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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James Bavister |
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Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
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Neil Passmore |
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Giles Fitzpatrick |
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Square1 Consulting |
+44 (0) 207 929 5599 |
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David Bick |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £30 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Cadence Minerals (KDNC) in discussions to sell part of Bacanora Minerals (BCN) stake
Cadence Minerals (KDNC) announces that it recently commenced discussions with a select group of institutional investors and other parties with regards to a potential sale of part of its 16.06% stake in Bacanora Minerals Ltd.
During the course of these discussions, Cadence Minerals was approached by a single strategic investor group interested in taking a material portion of the total stake owned by the Company.
Accordingly, Cadence has currently ceased its dialogue with institutional investors and now hopes to complete a partial sale over coming weeks led by this single investor group.
Cadence confirms that discussions have been positive and we look forward to updating the market in this regard over the coming weeks.
Prior to publication, certain information contained within this announcement was deemed to constitute inside information for the purposes of Article 7 or EU Regulation 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.
– Ends –
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For further information please contact |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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James Bavister |
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Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
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Neil Passmore |
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|
Giles Fitzpatrick |
|
|
Square1 Consulting |
+44 (0) 207 929 5599 |
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David Bick |
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £35 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Cadence Minerals (KDNC) – Holding in Bacanora Minerals (BCN).
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TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
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1. Identity of the issuer or the underlying issuer |
BACANORA MINERALS LTD. |
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2 Reason for the notification (please tick the appropriate box or boxes): |
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An acquisition or disposal of voting rights |
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An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached |
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An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify): |
Reduction % voting rigths as a result of additional shares being issued by issuer (Bacanora Minerals LTD.) |
x |
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3. Full name of person(s) subject to the |
CADENCE MINERALS PLC |
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4. Full name of shareholder(s) |
CADENCE MINERALS PLC |
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5. Date of the transaction and date on |
30 May 2017 |
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6. Date on which issuer notified: |
02 June 2017 |
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7. Threshold(s) that is/are crossed or |
17% |
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8. Notified details: |
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A: Voting rights attached to shares viii, ix |
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Class/type of
if possible using |
Situation previous |
Resulting situation after the triggering transaction |
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Number |
Number |
Number |
Number of voting |
% of voting rights x |
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Direct |
Direct xi |
Indirect xii |
Direct |
Indirect |
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CA05634Q1054 |
21,182,915
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21,182,915
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21,182,915
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21,182,915
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21,182,915
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16.06%
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16.06%
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B: Qualifying Financial Instruments |
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Resulting situation after the triggering transaction |
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Type of financial |
Expiration |
Exercise/ |
Number of voting |
% of voting |
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C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi |
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Resulting situation after the triggering transaction |
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Type of financial |
Exercise price |
Expiration date xvii |
Exercise/ |
Number of voting rights instrument refers to
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% of voting rights xix, xx
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Nominal |
Delta |
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Total (A+B+C) |
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Number of voting rights |
Percentage of voting rights |
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21,182,915 |
16.06% |
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9. Chain of controlled undertakings through which the voting rights and/or the |
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Proxy Voting: |
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10. Name of the proxy holder: |
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11. Number of voting rights proxy holder will cease |
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12. Date on which proxy holder will cease to hold |
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13. Additional information: |
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14. Contact name: |
Kiran Morzaria |
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15. Contact telephone number: |
+44 2074400640 |
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