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Enter Symbol
or Name
USA
CA



Macarthur Minerals Ltd
Symbol MMS
Shares Issued 242,301,414
Close 2018-08-15 C$ 0.025
Market Cap C$ 6,057,535
Recent Sedar Documents

Macarthur Minerals arranges $1.1M private placement

2018-08-16 09:28 ET - News Release

Mr. Cameron McCall reports

MACARTHUR MINERALS PRIVATE PLACEMENT UP TO $1.1 MILLION

Macarthur Minerals Ltd. has arranged a non-brokered private placement of up to 44 million units at a price of 2.5 cents per unit for aggregate gross proceeds of up to $1.1-million. The unit price is equal to the closing price of the company's TSX Venture Exchange listed shares on Aug. 15, 2018.

Each unit shall comprise one common share in the capital of the company and one whole warrant to acquire a common share at an exercise price of 10 cents per common share for a period of 12 months from the date of issuance.

The company has obtained approval from the TSX Venture Exchange to waive the five-cent minimum pricing requirement in accordance with TSX Venture Exchange bulletin dated April 7, 2014.

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 four-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 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 $2.5-million.

About Macarthur Minerals Ltd.

Macarthur Minerals 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.

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