Cadence Minerals PLC Macarthur subsidiary Infinity set for ASX IPO (8413B)
14 Junio 2021 - 9:08AM
UK Regulatory
TIDMKDNC
RNS Number : 8413B
Cadence Minerals PLC
14 June 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS, ASX: MIO) to sharpen focus on
iron ore delivery: Pilbara Gold and Copper assets and new Leonora
Gold tenements to underpin new ASX listing.
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 it intends to spin-out its non-iron
ore assets in the Pilbara into Infinity Mining Limited (Infinity)
(previously Macarthur Australia Limited, a wholly owned subsidiary
of Macarthur). Infinity currently holds the Company's Pilbara
gold/copper/lithium tenements (Pilbara Assets) through Infinity's
subsidiary company, Macarthur Lithium Pty Ltd (MLi). The Company
proposes to undertake an initial public offering of Infinity (IPO)
and apply for its listing on the Australian Securities Exchange
(ASX).
Why the spin-out is positive for Macarthur shareholders
This strategy will fast track further exploration and the future
development potential of the Pilbara Assets and allow Macarthur to
focus solely on the development of its flagship iron ore projects
situated at Lake Giles in the Yilgarn region of south-western,
Western Australia.
Infinity also holds an exclusive right to undertake due
diligence on 10 historic gold/copper tenements in the Leonora area
of the Central Goldfields region of Western Australia, held by
Zanil Pty Ltd (Zanil) (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 in advanced discussions on the terms of a sale and
purchase agreement. Subject to completion of satisfactory due
diligence on the Central Goldfields Assets by Infinity, it is
intended that those assets will be vended into Infinity following
the listing of Infinity on ASX.
This combined asset exploration and development strategy means
that Macarthur's post listing shareholding in Infinity will have
the potential to drive further value in Macarthur for the benefit
of its shareholders.
The Company will provide further details with respect to the
spin out transaction and IPO listing in a subsequent news
release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/278e3519-a039-497d-93f7-9ac330fa193d
Link to the full announcement, including details of all Pilbara
and Central Goldfields assets and work undertaken to date here
https://finance.yahoo.com/news/macarthur-minerals-sharpen-focus-iron-120000717.html
Joe Phillips, Managing Director of Macarthur Minerals commented:
"Macarthur's board has carefully considered all available options
and we believe the value of the Pilbara gold/copper/lithium assets
is not reflected in the current share price of Macarthur and see
this as a way to create additional value for shareholders via a
priority IPO spin off to be listed on the ASX. The addition of the
Central Goldfields Assets into the portfolio will provide the new
company access to potential surface gold historically identified
that may be Toll treated through regional gold mines. The new
vehicle will evaluate opportunities outside of the iron ore space,
and will ensure that Macarthur retains its primary focus on the
Lake Giles Iron Project
The Company will provide further details with respect to the
spin out transaction and IPO listing in a subsequent news
release."
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: Cadence Minerals plc +44 (0) 7879 584153
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited
(Joint Broker) +44 (0) 207 399 9400
Jon Belliss
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:
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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 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 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.
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(END) Dow Jones Newswires
June 14, 2021 10:08 ET (14:08 GMT)
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