Early Warning News Release - Cadence Minerals Plc Acquires 20.31% of Macarthur Minerals Limited
London, May 10, 2017 - On May 8th, 2017, Cadence Minerals plc ("Cadence") (formerly Rare Earth Minerals plc), an investment company listed on the Alternative Investment Market of the London Stock Exchange, acquired ownership and control of 7,500,000 common shares (each a "Share") in the capital of Macarthur Minerals Ltd. (the "Company"), at a price of CAD 0.05 per Share, through the exercise of 7,500,000 share purchase warrants of the Company (each a "Warrant") for total consideration of CAD 375,000. The certificates evidencing the 7,500,000 Shares were delivered on May 10th, 2017. The exercise of 7,500,000 Warrants increases Cadence's interest from 16.56% to 20.31% of the Company's issued share capital.
Cadence was previously issued 15,000,000 Warrants as part of a private placement in the Company, which closed on May 9th, 2016, at an exercise price of CAD 0.05 per Share. Shareholder approval was received at the Company's Annual General Meeting on August 31st, 2016, for the issue of Shares in connection with the exercise of those Warrants. Cadence exercised 7,500,000 Warrants on October 27th 2016 and with the exercise of 7,500,000 Warrants referenced in this news release, Cadence has exercised all of its 15,000,000 Warrants.
The securities described in this news release were acquired for investment purposes and not for purposes of exercising control or direction over the Company. Generally, Cadence intends to evaluate the investment in the Company and to increase or decrease its shareholdings as circumstances require, depending on market conditions and other factors, through market transactions, private agreements or otherwise.
The information contained in this news release has been provided by Cadence and the Company is not responsible for its accuracy.
A copy of the early warning report pursuant to NI 62-103 required to be filed with the applicable securities commissions in connection with the acquisition of the Shares described in this news release will be available for viewing under the Company's profile at www.sedar.com. A copy of the early warning report can also be obtained from the contact below.
SOURCE Cadence Minerals plc
Cadence Minerals plc
Andrew Suckling, Executive Chairman of the Board of Directors
For further information:
Cadence Minerals plc
Suite 3B Princess House
38 Jermyn Street
London, SW1Y 6DN
Andrew Suckling, Executive Chairman
Tel: +44 (0) 20 7440 0647
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of the adequacy or accuracy of this release.