pcNewsWire – Macarthur Minerals Limited (TSX-V: MMS) intends to close a non-brokered private placement of up to 8,000,000 common shares at CDN $0.0675 per share for gross proceeds of up to CDN $540,000 to Alpha Giant Limited, a private Chinese investment company.
News Release
MACARTHUR MINERALS ANNOUNCES PRIVATE PLACEMENT TO RAISE FUNDS UP TO $540,000
Macarthur Minerals Limited (TSX-V: MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce a non-brokered private placement of up to 8,000,000 Shares at a price of CAD$0.0675 per Share for aggregate gross proceeds of up to CAD$540,000 to Alpha Giant Limited, a private Chinese investment company.
The closing of the private placement will occur as soon as possible after and subject to receipt of all necessary regulatory approvals including that of the TSX-V. The net proceeds from the private placement will be used for working capital purposes.
In connection with the Private Placement, the Company has agreed to pay finder’s fees equal to 7.5% of the gross proceeds of the Private Placement.
Alpha Giant Limited has also agreed to enter into negotiations with Macarthur Australia Limited (“Macarthur Australia”) for a cornerstone investment in Macarthur Australia’s Australian Securities Exchange (“ASX”) Initial Public Offering (“IPO”) to issue between 25 and 50 million shares at A$0.20 to raise between A$5 – 10 million.
A copy of the prospectus and first, second and third supplementary prospectuses and application form is available to qualified investors at www.macarthuraustralia.com.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V: MMS)
Macarthur Minerals Limited is an exploration and development company that is focused on developing its lithium exploration interests in Australia and Nevada. Macarthur Minerals is the majority shareholder of Macarthur Australia Limited, which is intended to be listed on the ASX, which owns significant iron ore and lithium projects in Western Australia.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
“Cameron McCall”
Cameron McCall, Chairman
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