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Cadence in talks to sell Bacanora stake, details funding update for Yangibana partner

Cadence Minerals is in talks to sell its stake in Bacanora Minerals

Lithium chemical sign
Investors are jockeying for position in the lithium market

Cadence Minerals PLC (LON:KDNC) is in discussions in regard to a potential sale of part of its 16.06% stake in Bacanora Minerals Ltd (LON:BCN)(CVE:BCN).

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.

READ: Cadence Minerals highlights positive drill results from Cinovec lithium project

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.

READ: Cadence Minerals updates on Czech cobalt project

Quick facts: Cadence Minerals PLC

Price: 6.415 GBX

Market: AIM
Market Cap: £6.77 m

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