Macarthur Minerals (TSXV:MMS) is pleased to announce that 98% of warrants issued as part of the 2015 private placement (refer to news releases dated July 28, 2015 and August 14, 2015) have been exercised. In total 24,124,519 five cent warrants were exercised for total gross proceeds of $1,256,226.
David Taplin, President, CEO and Director of Macarthur commented: “The overwhelming support from existing shareholders to exercise such a high proportion of their warrants is pleasing. The receipt of approximately $1.26 million from the exercise of the 2015 private placement warrants has significantly boosted Macarthur Mineral’s cash reserves. We would like to thank warrant holders for their continuing support as the Company moves forward with its lithium and iron ore strategy. These funds will be utilised to proceed with initial drilling of the Company’s recently acquired Stonewall Lithium Project in Nevada and continued reconnaissance and initial exploration of its lithium acreage in Western Australia.”
The Company now has 122,048,318 shares on issue and 10,400,000 options and 15,000,000 warrants on issue.
There are still 15,000,000 warrants held by London and U.S. listed Rare Earth Minerals plc (“Rare Earth Minerals”) issued to them as part of the Company’s private placement that closed in April 2016 (refer to news releases dated April 9, 2016 and May 9, 2016). The Company is seeking shareholder approval for the future issue of shares arising from the exercise of Rare Earth Minerals’ warrants at its upcoming Annual General Meeting to be held on August 31, 2016, as the exercise would increase their shareholding to 20% and above of the Company’s issued capital. The exercise of their warrants, which are exercisable after September 9, 2016, would provide an additional $750,000 to the Company and take Rare Earth Minerals’ interest to 21.89% of Macarthur Minerals’ issued capital.
Rare Earth Minerals is a specialist Investment Company with significant interests in the Sonora Lithium Project in Mexico and the Cinovec Lithium Project in the Czech Republic and currently holds 12.29% of Macarthur Minerals.
Connect with Macarthur Minerals (TSXV:MMS) to receive an Investor Presentation.
The post Macarthur Minerals’ Warrant Holders Pay up Warrants for Gross Proceeds of $1.26 M appeared first on Investing News Network.