Initially, the company was in broad discussions with institutional investors and other parties, but during the course of these discussions Cadence was approached by a single strategic investor group interested in taking a material portion of the total stake.
Accordingly, Cadence has ceased its dialogue with institutional investors and now hopes to complete a partial sale over the coming weeks to the single investor group.
Separately, Cadence’s 70% joint venture partner in the Yangibana neodymium project in Western Australia, Hastings Technology Metals, Ltd has received firm commitments for a A$15.5mln capital raise.
These funds will be used for infrastructure works before processing plant construction. This will include construction of the Yangibana mine site access road, acquisition and commissioning of an accommodation camp and preliminary engineering design work on the production plant.
Cadence is free-carried at Yangibana until the commencement of a bankable feasibility study.