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Cadence Minerals PLC on Friday said it has raised £750,000, which will be used to fund its the Amapa iron ore project in Brazil. The investment and development company said it has raised £625,000 through placing of 25.0 million new shares priced at 2.5p each. In addition, Directors Andrew Suckling, Kiran Morzaria, and Donald Strang have agreed to subscribe to 5.0 million shares at the issue price, raising £125,000. The issue price represents a discount of approximately 18% to the closing price of 3.05p per share on Thursday. Shares in Cadence were down 8.9% to 2.78p each on Friday morning. The proceeds will be used to fund Cadence’s investment in the Amapa iron ore project in Brazil. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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