VANCOUVER, BC--(Marketwired - August 19, 2016) -
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 98% of warrants issued as part of the 2015 private placement (refer to news releases dated July 28, 2015 and August 14, 2015) have been exercised. In total 24,124,519 five cent warrants were exercised for total gross proceeds of $1,256,226.
David Taplin, President, CEO and Director of Macarthur commented: "The overwhelming support from existing shareholders to exercise such a high proportion of their warrants is pleasing. The receipt of approximately $1.26 million from the exercise of the 2015 private placement warrants has significantly boosted Macarthur Mineral's cash reserves. We would like to thank warrant holders for their continuing support as the Company moves forward with its lithium and iron ore strategy. These funds will be utilised to proceed with initial drilling of the Company's recently acquired Stonewall Lithium Project in Nevada and continued reconnaissance and initial exploration of its lithium acreage in Western Australia."
The Company now has 122,048,318 shares on issue and 10,400,000 options and 15,000,000 warrants on issue.
There are still 15,000,000 warrants held by London and U.S. listed Rare Earth Minerals plc ("Rare Earth Minerals") issued to them as part of the Company's private placement that closed in April 2016 (refer to news releases dated April 9, 2016 and May 9, 2016). The Company is seeking shareholder approval for the future issue of shares arising from the exercise of Rare Earth Minerals' warrants at its upcoming Annual General Meeting to be held on August 31, 2016, as the exercise would increase their shareholding to 20% and above of the Company's issued capital. The exercise of their warrants, which are exercisable after September 9, 2016, would provide an additional $750,000 to the Company and take Rare Earth Minerals' interest to 21.89% of Macarthur Minerals' issued capital.
Rare Earth Minerals is a specialist Investment Company with significant interests in the Sonora Lithium Project in Mexico and the Cinovec Lithium Project in the Czech Republic and currently holds 12.29% of Macarthur Minerals.
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 retains its two iron ore projects in Western Australia; the Ularring hematite project (Indicated 54.46 million tonnes @ 47.2% Fe, Inferred 25.99 million tonnes @ 45.4% Fe -- Pre-Feasibility Study)1 and the Moonshine magnetite project (1.3 billion tonnes @ 30.1% Fe -- Preliminary Economic Assessment)2.
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.
1 Previously announced on August 16, 2012 NI 43-101 Technical Report filed October 1, 2012, titled "NI 43-101 Technical Report, Macarthur Minerals Limited, Pre-Feasibility Study, Ularring Hematite Project, Western Australia".
2 NI43-101 Technical Report filed December 17, 2009, titled "NI43-101 Technical Report on Lake Giles Iron Ore Project: Western Australia" and was updated by Snowden Mining Industry Consultants (NI43-101 Technical Report filed March 25, 2011, titled "Macarthur Minerals Limited: Moonshine and Moonshine North Prospects, Lake Giles Iron Project, Western Australia, NI43-101 Technical Report -- Preliminary Assessment".