Cadence Minerals plc has raised around £450,000 from an oversubscribed retail offer of 10 million new ordinary shares, adding to its previous placing and subscription for a total of £2.25m.
Net proceeds will go towards infrastructure and studies for the Azteca processing plant at the Amapá joint venture iron ore project in northeast Brazil.
Following admission of an aggregate 50m new ordinary shares, the company’s total issued share capital will comprise 481,756,650 ordinary shares with one voting right each and none held in treasury.