Early Warning Report - Cadence Minerals Plc Announces Partial Disposal Reducing Shareholding to 9.31% of Bacanora Minerals Ltd
London, September 11, 2017 - Cadence Minerals plc ("KDNC"), formerly Rare Earth Minerals plc, an investment company listed on the AIM, on September 7th, 2017, sold 7,822,857 Common Shares (each a "Share") in the capital of Bacanora Minerals Ltd. (the "Company"), at a price of 0.70 GBP ($CAD 1.11) per Share on the open market through the facilities of the AIM, and on September 8th, 2017, sold 1,075,000 Shares in the capital of the Company, at a price of 0.70 GBP ($CAD 1.12) per Share on the open market through the facilities of the AIM (the "Dealings"). The total number of Shares sold in the Dealings amount to 8,897,857. Final trade settlement date for the Dealings is scheduled for September 12th, 2017. Prior to the Dealings, Cadence beneficially owned and exercised full control and direction over an aggregate of 21,182,915 Shares of the Company (the "Initial Shares"), representing an interest of 16.06% of the Company's issued and outstanding shares. The Initial Shares were purchased in several instalments over the period beginning on September 13th, 2013 until September 20th, 2016 at purchase prices ranging from 0.20 GBP ($CAD 0.33) per Share to 1.00 GBP ($CAD 2.00) per Share, and at a weighted average price of 0.65 GBP ($CAD 1.05) per Share.
As a result of the Dealings, Cadence beneficially owns and exercises control over an aggregate of 12,285,058 Shares, representing an interest of approximately 9.31% of the Company's issued and outstanding shares.
Generally, Cadence intends to evaluate the investment in the Company and to increase or decrease its shareholdings as circumstances require, depending on market conditions and other factors, through market transactions, private agreements or otherwise.
The information contained in this news release has been provided by Cadence and the Company is not responsible for its accuracy.
A copy of the early warning report pursuant to NI 62-103 required to be filed with the applicable securities commissions in connection with the acquisition of Shares described in this news release will be available for viewing under the Company's profile at www.sedar.com. A copy of the early warning report can also be obtained from the contact below.
SOURCE Cadence Minerals plc
Cadence Minerals plc
Andrew Suckling, Executive Chairman of the Board of Directors
For further information:
Cadence Minerals plc
Suite 3B Princess House
38 Jermyn Street
London, SW1Y 6DN
Andrew Suckling, Executive Chairman
Tel: +44 (0) 20 7440 0647
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of the adequacy or accuracy of this release.