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Cadence Minerals issued shares in Clancy Exploration as compensation for overlapping licences in Austria

The AIM-listed firm said that, following discussions, Clancy has considered it appropriate to issue Cadence with 140,000,000 fully paid ordinary shares at a deemed price of A$0.003 each

Map of Austria
Once these shares are issued, Cadence said it will own approximately 4% of Clancy

Cadence Minerals PLC (LON:KDNC) (OTC:KDNCY) said it has been issued shares in Australian-listed Clancy Exploration Limited (ASX:CLY) as compensation for the discovery of third party priority over overlapping licences in Austria.

In a statement, the AIM-listed firm said that, following discussions, Clancy has considered it appropriate to issue Cadence with 140,000,000 fully paid ordinary shares at a deemed price of A$0.003 each. Once these shares are issued, Cadence said it will own approximately 4% of Clancy.

READ: Cadence Minerals boosted as associate Macarthur identifies lithium brine aquifer in Nevada

As previously announced in September 2017, Clancy's investigations into its ground tenures at the Leogang Cobalt-Nickel Sulphide Project in Austria determined that there were 28 overlapping licences out of Clancy's 200 licences that were preceding priority claimants.

The preceding claims cover a total area of approximately 12 square kilometres and included the historical Nockelberg and Leogang mines.

Prior to the investigations, Cadence acquired a 10% interest in all 200 licences held by Clancy, and the parties entered into a joint venture.

Cadence was subsequently made aware of the licensing situation and agreed with Clancy to continue to evaluate the remaining licences, in which Cadence holds 10%.

Clancy continues to have priority over the balance of the project area, being 172 licences covering approximately 68 square kilometres.

In late afternoon trading, Cadence shares were steady at 0.24p.

Quick facts: Cadence Minerals PLC

Price: 8.5 GBX

AIM:KDNC
Market: AIM
Market Cap: £8.96 m
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