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Symbol: MMS: TSX, OTCQX: MMSDF
BRISBANE, Australia,
June 9, 2014 /CNW/
- Macarthur Minerals Limited (TSX: MMS, OTCQX:
MMSDF) (the "Company" or "Macarthur Minerals") is pleased to
announce that it has entered into a share subscription agreement
and received gross funds of AUD$2,240,000 for a private placement
of 11,200,000 shares of the Company at a price of AUD$0.20 per
share, to be held by the Company in escrow until closing. The price
per share is equal to approximately C$0.204 per share, based on the Reserve Bank of
Australia exchange rate on
June 6, 2014, and represents an
approximately 46% premium to the closing price of the Company's
TSX-listed shares on June 6,
2014.
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. The net proceeds from the
private placement will be used for working capital purposes.
ABOUT MACARTHUR MINERALS LIMITED (TSX: MMS, OTCQX:
MMSDF)
Macarthur Minerals Limited is an Australian based resource
development company currently focused on developing its Ularring
Hematite Project, located in the Yilgarn iron ore district in
Western Australia. The Ularring Hematite Project is located
110 km from rail infrastructure with a direct connection to
the iron ore exporting Port of Esperance, Western Australia.
The Ularring Hematite Project has an indicated Mineral Resource
of 54.46 Mt at 47.2% Fe and an inferred Mineral Resource of 25.99
Mt at 45.4% Fe (press release dated June 14,
2012; NI43-101 Technical Report dated June 29, 2012). In addition, Macarthur's
Moonshine Magnetite Project has an inferred Mineral Resource of 1.3
Bt at 30.1% Fe (press release dated December
15, 2010; NI43-101 Technical Report dated March 25, 2011).
A Positive Preliminary Feasibility Study was released to the
market on the Ularring Hematite Project in August 2012, which included a probable Mineral
Reserve of 42.95 Mt at 47% Fe (press release dated August 16, 2012; Technical Report dated
September 27, 2012). A Positive
Preliminary Economic Assessment on the Moonshine Magnetite Project
was released in February 2011 (press
release dated February 7, 2011,
Technical Report dated March 25,
2011).
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
"Alan Phillips"
Alan Phillips, President, Chairman
& CEO
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. 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.
With respect to forward-looking statements contained in this press
release, assumptions have been made regarding, among other things,
the reliability of information prepared and/or published by third
parties that are referenced in this press release or was otherwise
relied upon by the Company in preparing this press release.
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 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 and the general level of
global economic activity. 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