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30 Aug 2019 | 14:00

Cadence Minerals says restructuring approved for Amapa iron ore project in Brazil

Cadence Minerals said a restructuring plan for the Amapa iron ore project was approved at a meeting in Brazil.

The judicial restructuring plan submitted to the commercial court of Sao Paulo to recover and restart operations at Amapa was approved by over 90% of the credit value that attended a meeting held in Sao Paulo and Macapa.

Cadence said it would own 20% of the iron ore project, once preconditions relating to railway licenses and bank creditor arrangements had been met.

It had already invested $2.5m and was planning a next stage of investment of $3.5m.

The next investment was conditional on the grant of all operational and environmental licenses for the project, at which point Cadence would own 27%.

Cadence also had first right of refusal to increase its stake to 49%.

At 2:00pm: (LON:KDNC) Cadence Minerals Plc share price was +0.01p at 0.1p

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