VANCOUVER, BC--(Marketwired - October 27, 2016) - Macarthur Minerals Limited (TSX VENTURE: MMS)
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Macarthur Minerals Limited (TSX VENTURE: MMS) (the "Company" or "Macarthur Minerals") is pleased to announce that London listed Rare Earth Minerals plc ("Rare Earth Minerals"), the Company's largest shareholder, has exercised 7,500,000 warrants.
The exercise of 7,500,000 warrants increases Rare Earth Minerals' interest from 11.69% to 16.56% of Macarthur Minerals' issued capital.
Rare Earth Minerals was previously issued 15,000,000 warrants in the Company as part of the 2016 Private Placement (refer to news release May 9, 2016) at an exercise price of CAD$0.05 per common share. Shareholder approval was received at the Company's Annual General Meeting on August 31, 2016, for the issue of shares for the exercise of those warrants. Rare Earth Minerals now has 7,500,000 warrants remaining to be exercised, which expire on May 8, 2017.
Rare Earth Minerals is a specialist lithium Investment Company with significant interests in the large Sonora Lithium Project in Mexico by virtue of it being the largest shareholder of Canadian listed Bacanora Minerals Limited and the Cinovec Lithium Project in the Czech Republic, where it is the largest shareholder in Australian listed European Metals Holdings Ltd.
David Taplin, President, CEO & Director of Macarthur Minerals, commented:
"We are pleased with Rare Earth Minerals continued financial support of the Company as we move forward to develop our expanding lithium exploration presence in Australia and Nevada."
Andrew Suckling, Executive Chairman of Rare Earth Minerals, commented:
"Rare Earth Minerals sees its strength as financially supporting emerging lithium exploration companies with excellent growth potential, as we have done and continue to do so with both Bacanora Minerals Limited and European Metals Holdings Ltd. We see tremendous potential in Macarthur Minerals large lithium exploration portfolio in Western Australia and we are particularly encouraged by Macarthur's significant lithium results recently reported from their Lida Valley play in Nevada."
ABOUT MACARTHUR MINERALS LIMITED (TSX VENTURE: MMS)
Macarthur Minerals Limited is an exploration and development company that is focused on identifying and developing high grade lithium and counter cyclical investments, with significant lithium exploration interest in Australia and Nevada. In addition, Macarthur has two iron ore projects in Western Australia; the Ularring hematite project and the Moonshine magnetite project.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
Cameron McCall, Chairman
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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. 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. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the timely receipt of required approvals, the reliability of information, including historical mineral resource or mineral reserve estimates, prepared and/or published by third parties that are referenced in this press release or was otherwise relied upon by the Company in preparing this press release. 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 fluctuations in exchange rates and certain commodity prices, uncertainties related to mineral title in the project, unforeseen technology changes that results in a reduction in iron ore demand or substitution by other metals or materials, the discovery of new large low cost deposits of iron ore, uncertainty in successfully returning the project into full operation, and the general level of global economic activity. 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.