Cadence Minerals plc has issued 12 million new ordinary shares to the Rare Earth Minerals Employee Benefit Trust, at a price of one pence per new ordinary share.
TVRs
The move follows a subscription by the trustee of the EBT, JTC Employer Solutions Trustee Ltd, for £120,000.
Following admission of the EBT shares, the EBT will hold 18,380,000 ordinary shares representing approximately 4.30% of Cadence’s enlarged issued share capital.
The company’s issued share capital will comprise 427,631,038 ordinary shares of one pence.
Cadence holds the Amapá iron ore project in northeast Brazil and has an interest in the Sonora lithium project in Mexico.