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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Seeks TSX-V Approval to Close Financing on the Lake Giles Iron Ore Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that final approval is being sought from the TSX-V to close the private placement offering (the “Offering”) of US$6 million of secured Convertible Note (“Note”) as previously announced on March 19, 2019.
Macarthur owns 100% of the Lake Giles Iron Ore Project. The Project incorporates the Mineral Resources of the Moonshine Magnetite Project and the Ularring Hematite Project. The Moonshine Magnetite resource contains Inferred Mineral Resources of approximately 710 mt at 30.2% Fe. The Ularring Hematite resource includes Indicated Mineral Resources of approximately 54.46 Mt at 47.2% Fe and Inferred Mineral Resources of approximately 25.99 Mt at 45.4% Fe. The mineral resource estimates were detailed as previously announced on June 17, 2019 filed under the Preliminary Economic Assessment (“PEA”) undertaken by independent consultants Engenium Pty Ltd (“Engenium”) for a 2.5 to 3.4 Mtpa operation incorporating the Moonshine Magnetite and Ularring Hematite Mineral Resources to produce a high-grade blended concentrate in excess of 65% Fe. The technical and financial evaluation in the PEA indicates the Project is potentially economically viable and further project development is justified.- The Note has a face value of US$10,000 following adoption of a loan note instrument.
- The Note can be converted at any time into common shares of Macarthur at Noteholder’s option at a conversion price that reflects 80% of the average VWAP over 5 trading days immediately preceding a notice of conversion or at the greater of C$0.10 with attaching warrant offered for one fourth of the Commitment amount exercisable at the greater of C$0.10 or the average VWAP over 5 trading days immediately preceding the date of the Advance date.
- The Note will have a term to maturity of 3 years and bear interest at a rate of 12.5% per annum.
- The Note includes a mandatory conversion clause that such conversion may not have the effect of causing a Noteholder to own 20% or more of the common shares of Macarthur or becoming a control person.
- The Mining Leases of the Project held by Macarthur act as security for the Note.
- Any shares issued upon conversion of the principal amount of the Note and any accrued interest will be subject to certain resale restrictions, including a restricted (or “hold”) period of four months and one day following the distribution date, under applicable Canadian securities legislation.
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
James Joyce
James Sinclair-Ford
Jon Belliss
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.
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Announces Glencore #GLEN Participation in Financing.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that further to the announcement of March 19, 2019, a subsidiary of Glencore plc (“Glencore”) has agreed to participate in the US$6 million secured Convertible Note (“Note”) on a private placement basis for US$2 million.
Glencore’s participation in this financing, strengthens the life-of-mine long-term strategic relationship between the parties in line with the previously announced binding Off-Take Agreement (“Agreement”) with Glencore for sale of iron ore to be produced from the Lake Giles Iron Project (“Project”) in the Yilgarn Region of Western Australia.
Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
Key terms to the note:
- Each Note has a face value of US$10,000 following adoption of a loan note instrument.
- The Notes (including accrued but unpaid interest) can be converted at any time after 12 months into common shares of Macarthur at the Noteholder’s option at a conversion price that reflects the greater of 80% of the average VWAP over 5 trading days immediately preceding the date of a notice of conversion and C$0.10 (in each case with appropriate equivalence to USD), with attaching warrants offered for one fourth of the commitment amount exercisable at the greater of C$0.10 or the average VWAP over 5 trading days immediately preceding the date of the Advance Date (such term being defined in the definitive documentation) (in each case with appropriate equivalence to USD).
- The Notes will have a term to maturity of 3 years and bear interest at a rate of 12.5% per annum.
- The Notes include a restriction on conversion that provides that such conversion may not have the effect of causing Noteholder to own 20% or more of the common shares of Macarthur or becoming a control person.
- The iron ore mining licences held by Macarthur (or a subsidiary of Macarthur) in respect of the Lake Giles Iron project region of Western Australia will act as security for the Notes issued to the Noteholder.
Any shares issued upon conversion of the principal amount of the Note and any accrued interest will be subject to certain resale restrictions, including a restricted (or “hold”) period of four months and one day following the distribution date of the Note and warrant, under applicable Canadian securities legislation.
The consummation of the US$2 million financing commitment from Glencore is subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange, the Australian Foreign Investment Review Board and satisfaction of the other conditions set out in the Investment Agreement entered into by the Glencore and Macarthur.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8292361460422531&qm_symbol=MMS
Cadence Minerals Chairman Andrew Suckling commented: “To secure a US$2 million investment from Glencore following the recently announced take-off agreement marks another significant milestone for Macarthur and its shareholders. As with the Exception Capital financing agreement announced yesterday, the terms are attractive, and provide Macarthur with funding certainty while potentially minimising dilution to Cadence shareholders.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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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.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Announces Exception Capital LLP Participation in Financing
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that further to the announcement of March 19, 2019, Exception Capital LLP (“Exception”) has agreed to participate in the US$6 million secured Convertible Note (“Note”) on a private placement basis for US$1 million.
Key terms:
Each Note has a face value of US$10,000 following adoption of a loan note instrument.- The Notes (including accrued but unpaid interest) can be converted at any time after 12 months into common shares of Macarthur at the Noteholder’s option at a conversion price that reflects the greater of 80% of the average VWAP over 5 trading days immediately preceding the date of a notice of conversion and C$0.10 (in each case with appropriate equivalence to USD), with attaching warrants offered for one fourth of the commitment amount exercisable at the greater of C$0.10 or the average VWAP over 5 trading days immediately preceding the date of the Advance Date (such term being defined in the definitive documentation) (in each case with appropriate equivalence to USD).
- The Notes will have a term to maturity of 3 years and bear interest at a rate of 12.5% per annum.
- The Notes include a restriction on conversion that provides that such conversion may not have the effect of causing Noteholder to own 20% or more of the common shares of Macarthur or becoming a control person.
- The iron ore mining licences held by Macarthur (or a subsidiary of Macarthur) in respect of the Lake Giles Iron project region of Western Australia will act as security for the Notes issued to the Noteholder.
Any shares issued upon conversion of the principal amount of the Note and any accrued interest will be subject to certain resale restrictions, including a restricted (or “hold”) period of four months and one day following the distribution date of the Note and warrant, under applicable Canadian securities legislation.
The consummation of the US$1 million financing commitment from Exception is subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange and satisfaction of the other conditions set out in the Investment Agreement entered into by the Exception and Macarthur.
Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
The full release, including full details of the FEL earn-in terms can be found at: https://web.tmxmoney.com/article.php?newsid=7164373152451843&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: “This financing agreement marks a significant step forward by Macarthur in progressing its Australian iron ore projects. As Macarthur Executive Chairman Cameron McCall states, the financing terms are attractive and minimises dilution to shareholders.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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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.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Appoints Drilling Contractor to Commence Drilling at the Moonshine Magnetite Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that it has engaged Orbit Drilling Pty Ltd (“Orbit Drilling”) to commence an infill drill program at its Moonshine Magnetite Project at Lake Giles (“Project”) in the Yilgarn region of Western Australia.
Highlights:
- Macarthur has contracted Orbit Drilling to complete a 30 hole infill program at the Moonshine Magnetite Project.
- The drill program has been planned to upgrade the Inferred Mineral Resource estimate to a Measured Mineral Resource of approximately 100 million tonnes (“Mt”) at the Project.
- Drill-hole planning was conducted by CSA Global Pty Ltd (CSA), Macarthur’s independent geological consultants.
- The Measured Mineral Resource will underpin the bankable feasibility study (“BFS”) of the Project to be completed in 2019.
Drilling Program
Macarthur states that the drilling program is designed to coincide with the BFS for the Project to be undertaken in 2019. Mining and processing studies will be based on Measured Mineral Resources to provide greater confidence in the outcomes of the study. The program aims to convert approximately 100 Mt of the Inferred Mineral Resource to a Measured Mineral Resource at the Moonshine deposit. Drill planning has been completed by CSA Global, who completed the early resource modelling and estimations for the Moonshine Magnetite Project.
The drilling program is also planned to obtain diamond core for the purpose of further metallurgical test-work. Diamond core is required for the BFS to refine the process flow design and provide greater understanding of ore variability. This metallurgical test-work program will commence mid-way through the drilling program as core becomes available.
Drilling is planned to commence in early May on receipt of required drilling permits, with an initial campaign of approximately 12 weeks.
Moonshine Magnetite Project
Macarthur states that the Moonshine Magnetite Project contains an Inferred Mineral Resource consisting of 1,316 Mt @ 30.1% Fe.
Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7767403879040840&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: “Following the take off agreement recently announced between Macarthur and Glencore, the Cadence team are delighted with the subsequent pace of developments at the Lake Giles Moonshine Magnetite Project. We look forward to the next phase of developments following the drilling programme.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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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.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals (KDNC) – Macarthur Minerals (TSX-V: MMS) Progress Towards Rail Haulage Agreement.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that it has partnered with Australian freight haulage company Aurizon (“Aurizon”) to finalise a rail haulage contract for its Lake Giles Moonshine Magnetite Project (“Project”) in the Yilgarn region of Western Australia. This news follows the Company’s recent announcement that it has signed a binding Life-of-Mine Off-Take Agreement with Glencore International A.G. for the sale of iron ore to be produced from the Project from the commencement of commercial production.
Macarthur has entered into a Negotiation Agreement with Aurizon to provide above rail haulage services including the supply of rolling stock for the purpose of transporting iron ore from the Project to the Port of Esperance. Aurizon already has rolling stock available that was previously used by other iron ore operators in the region including 325 wagons. The rolling stock is fit for purpose and compatible with rail unloading infrastructure at the Port of Esperance. This represents a key component of the logistics solution for the Project.
Aurizon was selected as the preferred operator based on its superior supply chain experience, safety and operating capability and its expertise in bulk rail freight that includes the transport of over 40 million tonnes of bulk freight and iron ore throughout Australia. Aurizon has significant rail marshalling, maintenance and traincrew facilities at the Port of Esperance, a legacy investment from its previous Cliffs iron ore haulage contract. The open access rail network owned by Arc Infrastructure has available capacity and is accessible within 90 km of the Project and runs directly to the Port of Esperance.
Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5047835856823328&qm_symbol=MMS
Cadence Minerals Chairman Andrew Suckling commented: “The partnership with Aurizon to advance Macarthur’s rail haulage requirements represents an important step forward for the Lake Giles Moonshine Magnetite Project take off agreement recently announced between Macarthur and Glencore.”
“Equally significant will be the potential benefits of this agreement to the economies of the local mining communities surrounding the Moonshine Magnetite Project and those of the Port of Esperance community of Western Australia. As stated by Macarthur, these areas have recently suffered from a significant decline in iron ore export.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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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.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals Plc – Macarthur Minerals (TSX-V: MMS) Signs 10 Year Iron Ore Off-Take Agreement for the Lake Giles Iron Project in Australia With Glencore International A.G.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that it has entered into a binding Life-of-Mine Off-Take Agreement (“Agreement”) with Glencore International A.G. (“Glencore”) for sale of iron ore to be produced from the Lake Giles Iron Project (“Project”) at Lake Giles in the Yilgarn region of Western Australia from the commencement of commercial production.
Highlights:
- Glencore secures life-of-mine of the project with commercial terms for approximately 4m tonnes per annum average for the first 10 years, with the option to extend for a following 10 years for all tonnes of future Lake Giles iron ore production.
- Glencore agrees to release up to 70% of their off-take volume where Macarthur secures project financing from a Strategic Industry Investor, subject to their securing off-take of the product produced.
- This Agreement with Glencore positions Macarthur to go forward to complete their project financing.
- The Agreement is currently valued at approximately US$4bn in revenue over the first 10-year term ensuring Macarthur long term revenue and consistent sales per year.
- Terms and conditions have been competitively negotiated reflecting strong forward demand.
High grade iron ore prices:
Metallurgical test work on the Lake Giles’s Moonshine Magnetite Project indicates that an export product of high margin +65% Fe can be achieved. ). In its announcement, Macarthur states that the current market price for 65% Fe product is quoted at US$98/tonne (A$140 per tonne). Macarthur also states that the value of the initial 10-year Glencore off-take at current market price for Moonshine iron ore would be ~US$4bn.
Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=6303739202199099&qm_symbol=MMS
Cadence Minerals Chairman Andrew Suckling commented: “It is gratifying to see that the confidence of the Cadence management team in its investment strategy into Macarthur Minerals means that our company can now participate in a transformational take off agreement between Macarthur and Glencore, one of the largest mining conglomerates in the world.”
“We congratulate the Macarthur Minerals management team on achieving this key milestone.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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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.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.