ASX: MIOR
VANCOUVER,
BC, March 6, 2024 /CNW/ - Macarthur
Minerals Limited (TSXV: MMS) (ASX: MIO) (OTCQB:
MMSDF) (the Company or Macarthur), is pleased to
advise that the rights to the Company's Renounceable Rights Issue
announced on 28 February 2024 have
commenced trading today under the ASX code MIOR.
Under the Rights Issue timetable, rights trading
will end on Friday, 15 March
2024.
The Rights Issue is being offered to shareholders
registered at the Record Date of 7 March
2024 with a registered address in Australia and New
Zealand (Eligible Shareholders) on the basis of one (1) new
share (New Shares) for every five (5) shares held at an offer price
of $0.10 per share together with one
(1) free attaching option for every two (2) New Shares subscribed
for and issued.
The free attaching options will be exercisable at
$0.25 each and have a term of 18
months from the date of their issue (New Options). The Company will
apply for quotation of the New Options.
Eligible Shareholders will be sent the prospectus
and the information by email or post on 8
March 2024, providing details of how to apply for their
entitlement.
Eligible Shareholders may take up shortfall under
the Rights Issue in addition to their entitlements under the Offer.
Applications for securities under the Rights Issue can be made via
BPAY®.
The Closing Date for the Rights Issue is
5:00 pm (AWST) on Friday, 22 March
2024. Rights Trading ends on Friday, 15 March 2024.
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.
This news release is not for distribution to
United States services or for
dissemination in the United
States
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