Macarthur Seeks To Extend Terms Of Previously Issued Warrants
September 14 2020 - 8:00AM
Macarthur Minerals Limited
(ASX: MIO) (TSX-V: MMS) (the
“Company” or “Macarthur”) will be applying to the TSX Venture
Exchange for approval to extend the expiry date of 7,928,183
post-consolidation common share purchase warrants that were issued
as part of rights offering completed by the Company in December
2017 (“Warrants”). The Warrants are exercisable for
post-consolidation common shares of Macarthur Minerals at a price
of C$0.80 per share which are to expire on December 15, 2020.
The Company is proposing to extend the expiry
date of the Warrants until 5:00 p.m. Australian Eastern Standard
Time on December 15, 2021. All other terms and conditions of the
Warrants, including the exercise price will remain the same. The
proposed extension of the expiry date is conditional upon receipt
of Exchange approval.
Andrew Bruton, Executive General Manager
(Corporate) and Company Secretary of Macarthur Minerals
commented:
“I have received a number of requests and
enquiries from Warrant holders with regards to the terms of
exercise of the rights offering Warrants following the Company’s
share consolidation on TSX-V (which occurred immediately prior to
the Company’s listing on ASX in December 2019). Some confusion has
arisen around the exercise price of C$0.20, which adjusted to
C$0.80 as a consequence of the 4:1 consolidation ratio of the
Common Shares of Macarthur in October 2019.
With the Company’s share price trending
positively in recent months, the Board and Management of Macarthur
consider that it is appropriate that the Company seek Exchange
approval to extend the term of these warrants to December 15,
2021.”
On behalf of the Board of Directors, Mr Andrew Bruton,
Executive General Manager (Corporate) and Company
Secretary
For more
information please contact: |
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Joe Phillips |
|
CEO & Director |
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+61 7 3221 1796 |
|
communications@macarthurminerals.com |
|
|
|
Investor Relations – Australia |
Investor Relations - Canada |
Advisir |
Investor Cubed |
Sarah Lenard, Partner |
Neil Simon, CEO |
sarah.lenard@advisir.com.au |
+1 647 258 3310 |
|
info@investor3.ca |
Company profile
Macarthur is an iron ore development, gold 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). Macarthur has prominent (~721
square kilometer tenement area) gold, lithium and copper
exploration interests in Pilbara region of Western Australia. In
addition, Macarthur has lithium brine Claims in the emerging
Railroad Valley region in Nevada, USA.
This news release is not for
distribution to United States services or for dissemination in the
United States
Caution Regarding Forward Looking
StatementsCertain 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 Mineral 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.
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