("Cadence Minerals", "Cadence" or "the Company")
Update on Investment in the Amapá
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an update on its investment in the Amapá
The Amapá Project
The Amapá Project was owned by Anglo American plc and Cliffs Natural Resources and consists of a large-scale iron ore mine, beneficiation plant, railway and private port. Before its sale in 2012, Anglo American valued its 70% stake at US
Successful Reinstatement of Railway Concession
Following the approval of the judicial restructuring plan ("JRP") announced on
Satisfaction of Final Precondition
Currently, there remains only one major precondition for Cadence to make its investment in the Amapá Project, the sum of
This precondition requires DEV Mineração S.A. ("Dev") to reach a settlement agreement with the secured bank creditors. Since our last update, Cadence and our joint venture partners
This settlement is intended to be paid from part of the proceeds from the sale of the iron ore stockpile currently held at Dev's 100% owned port facility in Santana,
On satisfaction of the preconditions and the release of the Escrow monies, Cadence will become a shareholder in the Amapá Project via our joint venture company which will own 99.9% of Dev. The Escrow Monies will then be used for the payment of former employees and small trade creditors. Once Cadence becomes a shareholder in the Amapá Project, the Government of
Cadence CEO
- Ends -
For further information:
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+44 (0) 207 440 0647 |
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+44 (0) 207 220 1666 |
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+44 (0) 207 399 9400 |
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Qualified Person
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.
This information is provided by RNS, the news service of the