Mms release15 Mar 2019 13:47
Macarthur Minerals Limited (TSX-V: MMS, OTCQB: MMSDF) (the “Company” or “Macarthur Minerals”) is pleased to provide an update on its previously announced non-brokered private placement (the “Offering”) of up to 8,750,000 Units (each, a “Unit”) at a price of CAD$0.04 per Unit for a total consideration of CAD$350,000.
The Company is encouraged by the interest received and as announced on February 25, 2019, the total placement closed with gross proceeds of CAD$305,758.
The net proceeds from the Offering will be used in particular for the Company’s projects rents and rates, staff to continue work on progressing Macarthur’s iron ore projects, other project related costs and directors’ fees.
The closing of the Offering is subject to final approval from the TSX Venture Exchange.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V: MMS, OTCQB: MMSDF)
Macarthur Minerals Limited is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The iron ore projects are Ularring hematite (approved for development) and the one plus billion tonne Moonshine magnetite. Macarthur Minerals has prominent (~1,130 square kilometer tenement area) gold, lithium, nickel, cobalt exploration interests in Pilbara region of Western Australia. In addition, Macarthur Minerals has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.