- Macarthur Minerals (MMS) has received commitments for a AU$7.5M private placement
- The company will use the proceeds for working capital and post-feasibility study optimization work on the Lake Giles Iron Project in Western Australia
- The financing was oversubscribed and includes institutional investors
- Macarthur is a lithium exploration and iron ore development company
- Macarthur Minerals (MMS) is unchanged trading at C$0.47 per share
Macarthur Minerals (MMS) has received commitments for a AU$7.5M private placement.
The company will sell 15M fully paid ordinary shares priced at AU$0.50.
Each share includes one option exercisable into an additional share priced at AU$0.65 for up to 24 months from issuance.
Macarthur will use the proceeds for working capital and post-feasibility study optimization work on the Lake Giles Iron Project in Western Australia.
The financing was oversubscribed and includes institutional investors.
MST Financial Services and EAS Advisors, acting through Odeon Capital Group, are serving as joint lead managers on the placement.
“This private placement will position the company to move forward with necessary work to progress the Lake Giles Iron Project,” stated Cameron McCall, Macarthur’s Chairman. “Following the recent completion of the feasibility study for the project, the company is well placed to continue to pursue its strategy of transitioning from explorer to high-grade magnetite producer.”
Macarthur is a lithium exploration and iron ore development company focused on bringing its Western Australian projects into production.
Macarthur Minerals (MMS) is unchanged trading at C$0.47 per share as of 9:44 am EST.