Cadence Minerals is poised to become a 20% shareholder in the Amap?? iron ore project in Brazil once the mine's current owner reaches a settlement agreement with its secured bank creditors.
The London-based company and its joint-venture partners, Indo Sino Pte Ltd, have been in their own negotiations with the creditors and have offered a settlement involving a discount on the amounts owed by current owner, DEV Minera????o SA (Dev), Cadence said.Once the settlement is reached and $2.5 million held in escrow in a judicial trust account is released, Cadence will become a 20% shareholder in Amap?? via its joint-venture company, which will own 99.9% of Dev. The $2.5 million will then be used for the payment of former employees and small trade...