Macarthur Seeks To Extend Terms Of Previously Issued Warrants
VANCOUVER, British Columbia, Sept. 14, 2020 (GLOBE NEWSWIRE) — 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 SecretaryCompany 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 StatesCaution 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 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.