Cadence Minerals plc has raised £500,000 via a 43% discounted placing of 16,666,667 new ordinary shares in company at a price of 3 pence per ordinary share with a single institutional investor.
USES
The company also issued to the subscriber one warrant for each new ordinary share.
The fundraise warrants grant rights to subscribe for one additional ordinary share and are exercisable at 5 pence per ordinary share with the expiry date of 31 March 2025.
Following admission, Cadence’s issued and fully paid share capital will comprise 197,637,704 ordinary shares, each with one voting right. The company holds no ordinary shares in treasury.
Net proceeds will fund preparations of a revised mine schedule for the Amapá iron ore project and a revised PFS economic model.
Funds will also be used as working capital for licensing requirements.