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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) says Perth based CPS Capital Group to manage ASX listing of Gold and Copper Assets.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that CPS Corporate Advisors (“CPS”) has been appointed as the lead Broker for the proposed spin out of the Company’s Pilbara gold, copper and lithium tenements (“Pilbara Assets”).
The Company’s wholly owned subsidiary Macarthur Lithium Pty Ltd, which holds the Company’s Pilbara Assets will be renamed Infinity Mining Limited (“Infinity”) and converted to a public company (subject to finalisation of ASIC approvals). Under the agreement with CPS, Infinity proposes to undertake an initial public offering (IPO) and make application for listing on the Australian Securities Exchange (ASX) in the coming months. Under an agreement with Zanil Pty Ltd, Infinity retains the rights to acquire additional assets in the Central Goldfields upon completing the listing process.
Infinity Exploration Program
Infinity intends to commence a programme of work that is focused on fast tracking drill targets to support an early 2022 drilling campaign across multiple gold and copper targets defined by Macarthur’s previous exploration at the Hillside Gold and Copper Project near Marble Bar in the Pilbara region.
Infinity has completed its due diligence on 10 historic gold and copper tenements in the Leonora area of the Central Goldfields region of Western Australia, which Zanil Pty Ltd (“Zanil”) is authorised to deal with on behalf of the tenement holders (“Central Goldfields Assets”). An independent technical report on the Pilbara Assets and the Central Goldfields Assets has been compiled to support a transaction, and Infinity and Zanil are finalising the terms of a sale and purchase agreement for the Central Goldfield Assets. The Central Goldfields Assets will be vended into Infinity following the listing on ASX.
The Company will provide further details with respect to the spin out transaction and IPO listing in a subsequent news release.
Joe Phillips, Managing Director of Macarthur Minerals commented: “The appointment of CPS Capital Group will trigger a Seed funding round during August 2021, to support the IPO listing and advance the exploration programs for the Hillside Project and three key areas around Leonora that host historic drilling results. This 2021 program is designed to build the platform for an early 2022 Pilbara exploration campaign. The Company will provide further details with respect to the seed funding round and progress on the spin-out transaction and IPO listing in a subsequent news release.”
Jason Peterson Managing Director / Head of Corporate, CPS Capital Group commented: “CPS is excited to be working again with the Board of Macarthur to achieve the spin-out listing, of the non- Iron Ore assets of Macarthur, into the new entity to be IPO’ed, Infinity Mining Limited. CPS has had a very good working relationship with Macarthur as a supporter of Macarthur and introducing Macarthur to investors via our client base. We look forward to achieving the same goals with Infinity with this highly professional team.
Link here for the full announcement: https://finance.yahoo.com/news/perth-based-cps-capital-group-120000190.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% 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.
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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Announces Spin-Out of its Pilbara Gold Copper Tenements to Timeless Capital.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) and Timeless Capital Corp. (TSX-V: TLC.P) (“Timeless”) have entered into a letter of intent in respect of a proposed transaction (the “Transaction”), whereby Timeless shall acquire: (i) from Macarthur, through its wholly owned subsidiary, Macarthur Lithium Pty Ltd (“MLi”), a portfolio of Macarthur’s Pilbara, Western Australia tenements (“Pilbara Assets”) plus CAD$1.4 million in cash which Macarthur may choose to fund from the value derived from Macarthur’s shareholding in FE Limited (collectively, the “Macarthur Contribution”), and (ii) from Zanil Pty Ltd. (“Zanil”), an Australian company, a portfolio of gold copper tenements, located near Leonora in Western Australia (“Central Goldfield Assets”), in exchange for equity of Timeless (collectively, the “Transaction”) which assets were optioned by Macarthur to undertake due diligence under the recently announced agreement with Zanil.
It is anticipated that following completion of the Transaction:
- Macarthur will hold approximately 26.67% (11,428,571) of the outstanding Timeless Shares, issued in consideration of the Macarthur Contribution;
- Zanil will hold approximately 26.67% (11,428,571) of the outstanding Timeless Shares, issued in consideration for the Central Goldfield Assets; and
- the current Timeless shareholders will hold approximately 9.68% of the outstanding Timeless Shares.
Macarthur continues to primarily focus its resources on bringing its flagship Lake Giles Iron Project into production. The Timeless Transaction will allow value to be attributed to the non-iron Pilbara assets held by Macarthur, providing an opportunity to independently resource the exploration of the key areas without distracting time and resources away from the Lake Giles Iron Project development path. Following completion of the transaction, Macarthur will have a material shareholding in Timeless.
Concurrent Financing
In connection with the Transaction, the Vendors shall complete a concurrent arm’s length financing for anticipated gross proceeds of a minimum of CAD$5 million (the “Concurrent Financing”). It is currently anticipated that the Concurrent Financing will result in the issuance of up to 14,285,714 shares at a price of CAD$0.35 per share. The Concurrent Financing will be comprised of a non-brokered portion, in the amount of CAD$2.5 million, comprised of lead orders from arm’s length parties introduced by the Vendors, and a brokered portion in the amount of CAD$2.5 million. All securities issued in connection with the Concurrent Financing will be exchanged for Timeless Shares pursuant to the Transaction. The proceeds of the Concurrent Financing will be used primarily for the purposes of supporting a targeted exploration programme of works across on the Pilbara Assets and the Central Goldfields Assets.
The full announcement can be viewed here: https://macarthurminerals.com/wp-content/uploads/2021/03/MMS-NR-Spin-out-of-Pilbarra-assets-to-Timeless_4-March-2021.pdf
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% 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.
This news release is not for distribution to United States Services or for Dissemination in the United States.
– Ends –
For further information:
|
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) (ASX: MIO) Enters Into Exclusive Agreement Over 10 Historic Prospecting and Mining Lease Tenements in the Central Goldfields of Western Australia
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has entered into an exclusive agreement with Zanil Pty Ltd (“Zanil”) to undertake due diligence over 10 tenements in and around the Leonora Goldfields region in Western Australia (“Agreement”). The Agreement is intended to strengthen the value proposition for a potential future repositioning of Macarthur’s non-iron ore assets.
Zanil is an Australian Proprietary company. Zanil either directly holds rights over, or is duly authorised on behalf of the relevant tenement holders, to enter into the Agreement with Macarthur in respect of the tenement areas:
Location of the properties under due diligence
The Leonora tenements are located in the Central Goldfields region of Western Australia, approximately 237 kilometres north of the city of Kalgoorlie within the proximity of active gold mines such as Agnew gold mine, Gwalia gold mine and Sunrise Dam gold mine.
The tenement portfolio consists of two mining leases and eight prospecting licences, with nine of the areas located on historic gold workings. The other tenement, Barlow’s Gully, has no established mine workings, but has been subject to surface gold extraction for over 100 years.
Key tenements are:
Garden Well was mined prior to 1987 and subsequently subject to periodic exploration campaigns.
Camel Lease historically produced 30.72kg (1083.61oz) of gold reported in WA Government Minedex database as:
— Sons of Australia – 26.3kg (927.70oz) Au from 691 tonnes @ 38.1g/t Au
— Camel Leases – 4.39kg (154.85oz) Au from 142 tonnes @ 30.9g/t Au
— Kruger and Viceroy – 3.95kg (139.33oz) Au @ 37 g/t Au
This reef has been mined to ~150 feet and historic reports suggest water ingress to be the main factor in mining being discontinued.
Great Northern tenement records production of 460 tonnes of ore mined for 10.1kg (356.26oz) Au @ 21.9 g/t Au.
Barlow’s Gully tenement has no historical mine workings but covers the Ursus fault structure. Outside the lease the Ursus fault structure hosts the Torian Sterling Well discovery (held by others), Cerebus-Eclipse 112,000oz Au resource (held by others), and the Centauri 83,100oz Au resource (held by others).
Coppermine is a tenement that has a historical mine working with notable surface copper expression.
The past production reported from these areas are not treated as current or historical Mineral Resources and further exploration is required to understand the potential for gold or copper mineralisation.
The location of the 10 tenements is shown on the below map that highlights the prospectivity of the Leonora Goldfields and indicates the potential of this tenement portfolio.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f7ed9f5d-b5a1-43db-a563-3f3ad679becf
Alan Joe Phillips, Managing Director of Macarthur Minerals, commented: “The main focus for the Company is ‘first and foremost’ the ongoing development of the Lake Giles Iron Ore assets. The entering into of the due diligence agreement with Zanil is designed to all for an exclusive low-cost review of the Central Goldfields assets to augment the Company’s Pilbara gold, copper and lithium tenement portfolio.
If these tenements demonstrate value, Macarthur will consider spinning out this portfolio as part of a wider Pilbara/Central Goldfields transaction. The objective is to create value for shareholders by exploiting these tenements without detracting or distracting Macarthur from delivering on its substantial Lake Giles Iron Project.”
The full announcement can be viewed here: https://ca.finance.yahoo.com/news/macarthur-minerals-enters-exclusive-agreement-130000290.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% 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.
This news release is not for distribution to United States Services or for Dissemination in the United States.
– Ends –
For further information:
|
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.