/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, July 29,
2024 /CNW/ - Macarthur Minerals Limited (TSXV:
MMS) (OTCQB: MMSDF) (the "Company" or "Macarthur") has closed
the private placement offering (the "Offering") for a total of
AUD$1.282 million with subscriptions totalling 24,193,831 fully
paid ordinary shares ("Placement Shares") at a price of AUD 0.053
per share and 12,096,915 attaching options ("Placement Option") in
the Company at an exercise price of AUD 0.10 with an expiry
date 29 July 2026.
The proceeds from the offering will be used for working capital
and to support operational expenses, including salaries and
management fees, as we advance marketing efforts for our Lake Giles
magnetite project.
Fees for Private Placement
Fees for the private placement include a 7% management and
investor fee on gross proceeds, a $5,500 Finclear DVP Settlement fee, with 180
Markets acting as manager.
Released On behalf of the Board of Directors, Mr Cameron McCall, Executive Chairman and
CEO
Company profile
Macarthur is an iron ore development, and lithium exploration
company that is focused on bringing to production its Western Australia iron ore projects. The Lake
Giles Iron Project mineral resources include the Ularring hematite
resource (approved for development) comprising Indicated resources
of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26
million tonnes at 45.4% Fe; and the Lake Giles magnetite resource
of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated)
and 997 million tonnes (Inferred). The Lake Giles Iron Project also
contains Proven Ore Reserves of 51.9 Mt and Probable Ore Reserves
of 184.7Mt. Macarthur also holds 24 square kilometre tenement area
iron exploration interests in the Pilbara region of Western Australia. In addition, Macarthur has
lithium brine Claims in the emerging Railroad Valley region in
Nevada, USA. The Mineral Resource
and Ore Reserve estimates presented herein have previously been
released to the ASX on March 21,
2022, including supporting JORC reporting tables. The
Company confirms that it is not aware of any new information or
data that materially affects the information included in the
relevant market announcements and, in the case of Mineral Resources
and Mineral Reserves that all assumptions and technical parameters
underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed.
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. All statements herein, other than statements of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future, including but not limited to statements regarding
expected completion of the Feasibility Study; conversion of Mineral
Resources to Ore Reserves or the eventual mining of the Project,
are forward-looking statements. 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. 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 but are not limited to: unforeseen
technology changes that results in a reduction in iron or magnetite
demand or substitution by other metals or materials; the discovery
of new large low cost deposits of iron magnetite; the general level
of global economic activity; failure to complete the FS; inability
to demonstrate economic viability of Mineral Resources; and failure
to obtain mining approvals. 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.
SOURCE Macarthur Minerals Limited