Cadence Minerals announced that it has received confirmation from the secured bank creditors that they have obtained approval from their credit committees with respect to the proposed terms of the settlement agreement. Bank credit committee approval for secured bank creditors assits in paving the way for Cadence to vest initial 20% in the Amapa Iron Ore Project. On the effective date of the settlement agreement Cadence's and Indo Sino's joint venture company will own 99.9% of the Amapa Project. The Amapa Iron Ore Project consists of an integrated mine, processing plant, railway, and privately owned port. It was previously owned by Anglo American and produced 6.1 million tonnes of iron ore per annum, and was valued at USD 660 million. The current Mineral Resource of the Amapa Project consists of 176.7 million tonnes grading 39.7% Fe in the Indicated category and 8.7Mt at 36.9% Fe in the Inferred catergory. The Approval is subject to the completion of KYC (know your client) and the finalisation of the documentation reflecting the agreement in principle as announced on the 2 September 2020). The Approval assists in paving the way for Cadence to vest its initial 20% indirect interest in Amapa Iron Project ("The Amapa Project"). The Amapa Project consists of an integrated mine, processing plant, railway, and privately owned port. It was previously owned by Anglo American and produced 6.1 million tonnes of iron ore[1] per annum, and was valued by Anglo American at USD 660 million. While awaiting credit committee approval, the drafting of the final settlement documents have continued to progress. On the effective date of the Settlement Agreement and under the Judicial Restructuring Plan ("JRP") Cadence and Indo Sino Trade Pte Ltd. (Indo Sino), via their joint venture company, will own 99.9% of DEV Mineração S.A., the owner of the Amapa Project.