TIDMKDNC
RNS Number : 8144G
Cadence Minerals PLC
21 July 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - European Metals Holdings #EMH: EBRD Strategic
Investment
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement by European Metals Holdings Limited (ASX &
AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) that it has entered into a
strategic investment agreement with The European Bank for
Reconstruction and Development ("EBRD") under which EBRD has agreed
to invest EUR6 million to support the Company's development of the
Cinovec Project in the Czech Republic.
As part of the due diligence process, EBRD engaged an
independent, international mining consultancy to undertake a
technical review of the Cinovec Project. EBRD also performed a
review of the Cinovec Project in respect to compliance with
EBRD'sEnvironmental and Social Policy.
Highlights:
-- EBRD has agreed to invest EUR6 million to support the
Company's development of the Cinovec Project in the Czech
Republic.
-- ERBD's investment and expertise will be beneficial to the
Company as the Cinovec Project moves through permitting, project
financing, and completing its Definitive Feasibility Study
(DFS).
-- As part of its due diligence, EBRD engaged an independent,
international mining consultancy to conduct a technical review of
the Cinovec Project.
-- EBRD is an International Financial Institution owned by the
European Union, European Investment Bank and 71 countries,
including the Czech Republic.
-- The investment is to be implemented by way of a private
placement of 12,315,213 shares of the Company to be issued to EBRD
at a price of GBP0.423 per share. This equates to AUD 0.803 per
share
European Metals Executive Chairman Keith Coughlan commented;
"The Company welcomes EBRD's strategic investment, which is a
strong endorsement of the Cinovec Project's value and its
commitment to the highest environmental and social standards. The
EBRD investment aims to fund the project's predevelopment work and
opens a pathway to potentially securing project financing. The
successful completion of the technical due diligence process is a
testament to the quality of the Cinovec team, the work which has
been done to date and a strong vote of confidence in the project.
The EBRD investment is confirmation that the Cinovec Project is a
vital part of establishing a strong, sustainable European electric
vehicle battery supply chain to support Europe's accelerating
transition to e-mobility."
Natalia Lacorzana, Head of Natural Resources at EBRD said: "We
are pleased to support the Cinovec project, the first lithium
project financed by the Bank, on its path to become a responsibly
mined source of battery grade lithium for Europe. EBRD is committed
to supporting the global transition to a green economy, the move
towards wider adoption of electric vehicles, in particular, via
providing necessary funding and know-how to junior miners of
critical and/or strategic raw materials.
Link here to view the full EMH announcement
Cinovec Lithium/Tin Project
Geomet s.r.o. controls the mineral exploration licenses awarded
by the Czech State over the Cinovec Lithium/Tin Project. Geomet has
been granted a preliminary mining permit by the Ministry of
Environment and the Ministry of Industry. The company is owned 49%
by EMH and 51% by CEZ a.s. through its wholly owned subsidiary,
SDAS. Cinovec hosts a globally significant hard rock lithium
deposit with a total Measured Mineral Resource of 53.3Mt at 0.48%
Li2O and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at 0.44%
Li2O and 0.05% Sn and an Inferred Mineral Resource of 294.7Mt at
0.39% Li2O and 0.05% Sn containing a combined 7.39 million tonnes
Lithium Carbonate Equivalent and 335.1kt of tin.
Cadence Minerals holds approximately 6.5% percent of the equity
in European Metals Holdings.
For further information
contact:
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
Darshan Patel
Brand Communications +44 (0) 7976 431608
Public & Investor Relations
Alan Green
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.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed 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 re ect 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.
The information contained within this announcement is deemed by
the company to constitute Inside Information as stipulated under
the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part
of U.K. domestic law under the European Union (Withdrawal) Act
2018, as amended. Upon the publication of this announcement via a
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