Macarthur Minerals Limited (TSX-V: MMS) is pleased to announce it has closed the second and final tranche of the non-brokered private placement as originally announced on August 16, 2018. The subscriptions for tranche two totalled 40,738,520 Units at a price of CAD$0.025 per Unit for aggregate gross proceeds of CAD$1,018,463.
The total placement was oversubscribed with both tranche subscriptions totalling 54,990,920 Units for gross proceeds of CAD$1,374,773.
Mr. Cameron McCall, Executive Chairman of Macarthur Minerals commented: “Closing of the oversubscribed Offering demonstrates a strong interest in Macarthur Minerals’ projects, which was largely supported by insiders and institutional investors. Funds raised in the Offering allows Macarthur to significantly advance its iron ore assets and other projects.”
Each Unit is comprised of one common share in the capital of the Company and one whole warrant to acquire a Common Share at an exercise price of CAD$0.10 per Common Share for a period of twelve months from the date of issuance.
The net proceeds from the Offering will be used for working capital purposes. All securities issued under the Offering, including the common shares underlying the warrants, are subject to a statutory 4 month hold period from the date of issue.
Following closing of the Offering, Macarthur Minerals will have 297,292,334 common shares issued and outstanding.
Finder’s fees of CAD$7,000 are payable in cash and 280,000 Agent’s warrants were issued at an exercise price of CAD$0.10 per Common Share for a period of twelve months from the date of issuance for tranche 2.
The closing of the Offering is subject to final approval from the TSX Venture Exchange.
ABOUT MACARTHUR MINERALS LIMITED
Macarthur Minerals Limited is an exploration company that is focused on identifying high grade gold, nickel, cobalt and lithium. Macarthur Minerals has significant gold, lithium, nickel, cobalt and iron ore exploration interests in Australia. Macarthur Minerals has three iron ore projects in Western Australia; the Ularring hematite project, the Moonshine magnetite project and the Treppo Grande iron ore project. In addition, Macarthur Minerals has significant lithium brine interests in the Railroad Valley, Nevada, USA.
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