Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) note that European Metals Holdings (ASX & AIM: EMH) has responded to recent public statements and correspondence European Metals had received overnight from Mr Thomas Huner, Minister of Industry and Trade of the Czech Republic, purporting to terminate the Memorandum of Understanding dated 2 October 2017 between the European Metals and the Ministry of Industry and Trade.
The announcement by European Metals stated the following:
- The MoU outlines mutual willingness to explore downstream processing opportunities, Czech academic research into lithium processing, potential future co-operation and discussing and exploring possibilities of future agreements.
- All Company rights are derived from the current Czech legal system, notably the Geological and Mining Act, not the MoU.
- Any termination of the MoU would not in any way affect the exploration rights of the Company or the Company’s tenure over its exploration permits and the Company continues to progress the project with ongoing metallurgical testwork, discussions with offtakers and preparations for feasibility drilling underway.
The Company remains entirely focused on working with all stakeholders, including the Minister of Industry of Trade and the Government of the Czech Republic, to successfully develop the Cinovec Project as a first-in-kind project that will pave the way for a successful lithium mining and processing industry in the Czech Republic. We look forward to meeting with the Minister in the near term to further these discussions.
Cadence has a 20.4% equity stake in European Metals. The full release can be found at: https://www.europeanmet.com/wp-content/uploads/2018/03/20180302-Respose-to-Czech-Minister-of-Industry-Trade-Final.pdf
Statement re Beaufort Securities Limited
The Company notes the announcement today regarding Beaufort Securities Limited and Beaufort Asset Clearing Services Limited being placed into administration and that the Financial Conduct Authority has imposed requirements on BSL and BACSL to cease all regulatory activity. As a result, the London Stock Exchange has suspended BSL’s membership of the London Stock Exchange pending clarification of the firm’s position.
BSL is a joint broker to the Company pursuant to the AIM Rules for Companies. As a result of the suspension of its membership to the London Stock Exchange, BSL will no longer be able to provide broking services to the Company in accordance with the AIM Rules.
WH Ireland Limited, the Company’s NOMAD and other joint broker along with Hannam & Partners LLP, will continue to provide broking services to the Company.
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For further information, please contact.
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500
Neil Passmore
Giles Fitzpatrick
Square1 Consulting +44 (0) 207 929 5599
David Bick