VANCOUVER, British Columbia, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce its intention to seek a dual listing on the Australian Securities Exchange (ASX) before the end of 2019.
On 16 August 2019, the Company lodged an application with ASX regarding its suitability for proposed admission to the ASX Official List. On 24 September 2019, the Company received “in-principle” advice from ASX which confirmed the Company’s suitability for listing. Receipt of this advice now provides a pathway for the Company to lodge a prospectus which will be subject to regulatory and shareholder approvals.
Cameron McCall, Executive Chairman of Macarthur Minerals commented:
“The Board of Macarthur is excited about the prospect of dual listing in Australia and considers that the benefits of doing so will include providing the Company with increased opportunities to access capital from wholesale investors and an enhanced opportunity for retail investors in Australia to participate in the advancement of the Company’s projects.
An ASX dual listing will provide Macarthur with sufficient funding to continue the advancement of the Company’s flagship Lake Giles Iron Project in the Yilgarn region of Western Australia and will support the Company’s objective to transition to a near-term producer of premium Magnetite concentrate for global speciality steel markets.
Work on the listing process is well advanced and, following the Company’s announcement in March 2019 of its entry into a 10 year Offtake Agreement with Glencore International AG (for the sale of iron ore to be produced from the Lake Giles Iron Project), completing a listing on ASX will be another important milestone towards realising the Company’s transformation and delivering value to shareholders.”
The Board considers that the expected benefits of the an ASX listing will include increased investor interest, improved trading liquidity, reduced price volatility and improved price realisation for its Australian projects on a basis that is more consistent with its ASX listed peers.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V: MMS, OTCQB: MMSDF)
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 Ore Project includes the 80 million tonne Ularring hematite resource (approved for development) and the 710 million tonne Moonshine magnetite resource. Macarthur has prominent (~1,281 square kilometer tenement area) gold, lithium and nickel exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
Cameron McCall, Executive Chairman
Joe Phillips, CEO and Director
Telephone: +61 448899247
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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 timely receipt of required approvals, the reliability of information, including historical mineral resource or mineral reserve estimates, 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 fluctuations in exchange rates and certain commodity prices, uncertainties related to mineral title in the project, unforeseen technology changes that results in a reduction in iron ore demand or substitution by other metals or materials, the discovery of new large low cost deposits of iron ore, uncertainty in successfully returning the project into full operation, 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.