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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, 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
For further information: Company Contact: Alan Phillips: [email protected], Tel: +61 418 726 230, www.macarthurminerals.com