Cadence Minerals (KDNC ) has completed its recently announced WRAP retail fundraising at 4.5p per share.
The company raised aggregate gross proceeds of approximately £450,000 in the retail offer, which followed directly on from a £1.8 million subscription and placing.
The money raised will be used to move ahead with infrastructure development around the Amapa iron ore project in Brazil, following on from the recent refurbishment of the Azteca plant there.
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The completion of the Azteca refurbishment has set Cadence up nicely to move ahead with further development at Amapa. The strong support the company has garnered from retail investors in this WRAP raise, which was oversubscribed, is a good indication of market sentiment towards the wider plans at Amapa. It’s ambitious, and accordingly Cadence needs to proceed in stages. But it’s beginning to demonstrate its’ ability to do so now, and there should be more positive newsflow in the months ahead.