Mms news on sedar16 Aug 2018 15:08
MACARTHUR MINERALS PRIVATE PLACEMENT UP TO $1.1 MILLION
Macarthur Minerals Limited (TSX-V: MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce a non-brokered private placement (the “Offering”) of up to 44,000,000 units (each, a “Unit”) at a price of CAD$0.025 per Unit (“Unit Price”) for aggregate gross proceeds of up to CAD$1,100,000. The Unit Price is equal to the closing price of the Company’s TSX Venture Exchange listed shares on August 15, 2018.
Each Unit shall be comprised of one common share in the capital of the Company (each, a "Common Share") and one whole warrant to acquire a Common Share (each, a "Warrant") at an exercise price of CAD$0.10 per Common Share for a period of twelve months from the date of issuance.
The Company has obtained approval from the TSX Venture Exchange to waive the CAD$0.05 minimum pricing requirement in accordance with TSX Venture Exchange bulletin dated April 7, 2014 “Discretionary Waivers of $0.05 Minimum Pricing Requirement”.
The closing of the Offering will occur as soon as possible after and subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange. The net proceeds from the Offering will be used for working capital purposes, in particular rents and rates for Macarthur’s projects, salaries for project staff and other project related costs. No part of the proceeds will be used to pay management fees or to pay related parties. The securities issued pursuant to the Offering will be subject to a statutory 4 month plus one day hold period from the date of issuance.
The Company anticipates that insiders will subscribe for Units in the Offering. The issuance of Units to insiders pursuant to the Offering is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Macarthur Minerals intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(b) and 5.7(b) of Multilateral Instrument 61-101 on the basis that Macarthur Minerals is not listed on a specified market and neither the fair market value of the securities to be distributed in the Offering nor the consideration to be received for those securities, insofar as the transaction involved related parties, exceeds CAD$2.5 million.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V: MMS)
Macarthur Minerals Limited is an exploration company that is focused on identifying high grade gold and lithium. Macarthur Minerals has significant gold, lithium and iron ore exploration interests in Australia and Nevada. 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.
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