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Cadence Minerals Invests in Austrian Leogang Project
Friday 16 June 2017

16 June 2017 - UK-based resources investment company Cadence Minerals Plc (AIM: KDNC) has signed a binding memorandum of understanding with Australian miner Clancy Exploration Ltd. (ASX: CLY) to earn into an initial 10% interest, with an option to increase its interest to 20%, in the high grade Leogang Cobalt-Nickel Sulphide Project in Austria, the company said.

The MOU allows for a period of 14 days for Cadence to complete the necessary due diligence and obtain the necessary board and regulatory approvals.

Under the deal, Cadence would acquire a 10% direct interest in the Leogang Project by issuing Clancy 73.75m Cadence shares (USD 36.70m).

Cadence has a six-month exclusive option to acquire a further 10% interest in the Leogang Project by paying Clancy a further AUSD1 m that can either be paid in cash or Cadence shares at the time of exercising its option, or a combination of at Cadence's election.

Clancy has been granted exploration licences covering approximately 80km2 in the Salzburg and Kitzbuhel regions of western Austria incorporating the historic and highly prospective Leogang Cobalt-Nickel Sulphide Project.

This acquisition delivers an substantial land position (80km2) in the prospective dolomite belt in western Austria, with exploration targets generated on several historical cobalt-nickel mines.
Nickel and cobalt were mined in the region from the mid-16th century when Leogang was famed for the richness of its cobalt and nickel mineralization. Mining peaked in the late 1700's but the market fell away after the Napoleonic Wars.

Licences have been targeted to cover each historical mine and further extensions of the host dolomitic mineralisation.
Date Published: 16/06/2017
Target: Leogang Cobalt-Nickel Sulphide Project in Austria/10%
Country: Austria
Deal Size: 36.70m (USD)
Sector: Metals/Mining
Type: Corporate acquisition
Financing: Stock
Status: Agreed
Vendor: Clancy Exploration
Buyer: Cadence Minerals