("Cadence Minerals", "Cadence" or "the Company")
Update on Investment in the
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an update on its investment in the
Progress with Secured Bank Creditors
Since our last update in early August, DEV Mineração S.A's ("DEV")
As mentioned in previous announcements, the remaining major precondition for Cadence to make its initial investment in the
Further details about Cadence's rights, potential investment, and the Judicial Restructuring Plan in relation to the
Commercial Court of São Paulo ("the Court")
On the 28 July, the Court, responding to an appeal by the Bank Creditors, reaffirmed its decision of April this year allowing DEV to commence shipping iron ore from the stockpiles situated at DEV's wholly-owned port in Santana, Amapa. Cadence has been informed that the Bank Creditors have now filed an appeal to a higher court, none the less the original ruling still remains in force.
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For further information:
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
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.
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