kdnc

Open Offer and Posting of Circular

Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to announce that further to the announcement made on 2 February 2022 concerning the “Proposed Placing”, the Circular containing further details of the Open Offer, together with an Open Offer Application Form for Qualifying non-CREST Shareholders, will be posted to Shareholders later today.

The Company is mindful of its existing shareholders and wants to give shareholders the opportunity to invest on the same commercial terms as those who have participated in the Placing. Consequently, the Company announces that it proposes to raise up to approximately £1.52 million (before expenses) by way of a conditional Open Offer of up to 7,432,454 Ordinary Shares (the “Open Offer Shares”) at an Issue Price of 20.5 pence (the “Issue Price”). Pursuant to the Open Offer, Qualifying Shareholders will be given the opportunity to subscribe for up to 7,432,454 Open Offer Shares at the Issue Price, pro rata to their holdings of Existing Ordinary Shares at the Record Time, on the basis of

1 Open Offer Share for every 20 Existing Ordinary Share

For the avoidance of doubt the Placing Shares to be issued in relation to the Placing announced on 3 February 2022 are not eligible to participate in the Open Offer.

Assuming that all the Open Offer Shares are subscribed for the enlarged share capital of the Company will be 176,081,537.

Expected timetable of principal events

	2022
Record Date and time for entitlements under the Open Offer	6.00 p.m. on 2 February
Announcement of the Open Offer and posting of this Document and Application Forms	4 February
Existing Ordinary Shares marked ‘ex’ by London Stock Exchange	8.00 a.m. on 7 February
Basic Entitlements and Excess Open Offer Entitlements credited to stock accounts in CREST of Qualifying CREST Shareholders	8.00 a.m. on 8 February
Recommended latest time for requesting withdrawal of Basic Entitlements and Excess Open Offer Entitlements from CREST	4.30 p.m. on 14 February
Latest time for depositing Basic Entitlements and Excess Open Offer Entitlements into CREST	3.00 p.m. on 16 February
Latest time and date for splitting of Application Forms (to satisfy bona fide market claims only)	3.00 p.m. on 17 February
Latest time and date for receipt of completed Application Forms and payment in full under the Open Offer or settlement of relevant CREST instruction (as appropriate)	11.00 a.m. on 21 February
Allocation of Excess Shares to Qualifying Shareholders	21 February
Results of Open Offer announced through an RIS	21 February
Admission and commencement of dealings in the Open Offer Shares	22 February
Open Offer Shares credited to CREST stock accounts	22 February
Despatch of definitive share certificates for Open Offer Shares held in certificated form	within 14 days of Admission