/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, July 11,
2024 /CNW/ - Macarthur Minerals Limited (TSXV:
MMS) (OTCQB: MMSDF) (the "Company" or "Macarthur") is
conducting of a private placement to raise A$2 million with the ability to accept
oversubscription at its sole discretion (the "Offering").
Placement Details
The Placement is to sophisticated, professional and
institutional investors to raise A$2
million at a price of AUD 0.053 per share. For every two
Placement Shares issued, one attaching option ("Placement Option")
will be issued. Each Option will have an exercise price of
AUD 0.10 and an expiry date that is 24 months from the date of
issuance.
The New Shares will rank equally with the Company's existing
ordinary shares. The Placement is expected to close as soon
as possible upon receipt of all necessary regulatory approvals
including ASX and TSXV approvals.
Subject to exchange approvals and acceptance, the securities
will be issued within the Company's existing ASX Listing Rule 7.1
and the additional placement capacity under Listing Rule
7.1A. Any subscription exceeding the existing capacity will
be subject to shareholders approval at the upcoming Annual General
Meeting.
The proceeds from the offering will be used for working capital
and to support operational expenses, including salaries and
management fees, as we advance marketing efforts for our Lake Giles
magnetite project.
Fees for Private Placement
- A Management and Investor Fees equal to 7% (seven percent) of
the gross proceeds raised under the Placement.
- Finclear DVP Settlement fee of $5,500.
180 Markets is acting as a Manager on the Placement.
Collaboration with Golden
Valley
The Company looks forward to working closely with Golden Valley to bring the hematite ore from
the Lake Giles Ularring Hematite Project into production, as
outlined in the announcement dated 18 June
2024. Macarthur Minerals will provide support in any way
possible to facilitate the success of this partnership.
Cameron McCall, Chairman of
Macarthur Minerals commented:
"We are pleased to offer this Private Placement opportunity
to sophisticated, professional, and institutional investors.
Investors meeting this criteria and interested in participating in
this offering are encouraged to contact
communications@macarthurminerals.com. This initiative aims to
support key operational endeavors, including the advancement of our
Lake Giles magnetite project. We sincerely appreciate the
commitment and support of our investors. Additionally, we eagerly
anticipate progressing our collaboration with Gold Valley to bring
our hematite operation into production, as detailed in our
announcement dated 18 June
2024.".
Released On behalf of the Board of Directors, Mr Cameron McCall, Executive Chairman and
CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Company profile
Macarthur is an iron ore development, and lithium exploration
company that is focused on bringing to production its Western Australia iron ore projects. The Lake
Giles Iron Project mineral resources include the Ularring hematite
resource (approved for development) comprising Indicated resources
of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26
million tonnes at 45.4% Fe; and the Lake Giles magnetite resource
of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated)
and 997 million tonnes (Inferred). The Lake Giles Iron Project also
contains Proven Ore Reserves of 51.9 Mt and Probable Ore Reserves
of 184.7Mt. Macarthur also holds 24 square kilometre tenement area
iron exploration interests in the Pilbara region of Western Australia. In addition, Macarthur has
lithium brine Claims in the emerging Railroad Valley region in
Nevada, USA. The Mineral Resource
and Ore Reserve estimates presented herein have previously been
released to the ASX on March 21,
2022, including supporting JORC reporting tables. The
Company confirms that it is not aware of any new information or
data that materially affects the information included in the
relevant market announcements and, in the case of Mineral Resources
and Mineral Reserves that all assumptions and technical parameters
underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed.
Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this
press release may constitute forward-looking information and
forward-looking statements (collectively, "forward-looking
statements") within the meaning of applicable securities
laws. All statements herein, other than statements of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future, including but not limited to statements regarding
expected completion of the Feasibility Study; conversion of Mineral
Resources to Ore Reserves or the eventual mining of the Project,
are forward-looking statements. The forward-looking
statements in this press release reflect the current expectations,
assumptions or beliefs of the Company based upon information
currently available to the Company. Although the Company believes
the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and no assurance can be given that these
expectations will prove to be correct as actual results or
developments may differ materially from those projected in the
forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking
statements include but are not limited to: unforeseen
technology changes that results in a reduction in iron or magnetite
demand or substitution by other metals or materials; the discovery
of new large low cost deposits of iron magnetite; the general level
of global economic activity; failure to complete the FS; inability
to demonstrate economic viability of Mineral Resources; and failure
to obtain mining approvals. Readers are cautioned not to
place undue reliance on forward-looking statements due to the
inherent uncertainty thereof. Such statements relate to future
events and expectations and, as such, involve known and unknown
risks and uncertainties. The forward-looking statements contained
in this press release are made as of the date of this press release
and except as may otherwise be required pursuant to applicable
laws, the Company does not assume any obligation to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE Macarthur Minerals Limited