Founded by
Having participated in over
Macarthur Minerals Executive Chairman Mr
“As Macarthur moves from exploration through feasibility to production, the appointment of EAS could not come at a better time, especially considering their experience in backing ASX listed mining companies,”
EAS Principal Mr
“Macarthur is at a key stage as it looks to advance the financing strategy for the development of a magnetite mining and processing facility for its
In connection with the engagement, EAS will be paid a monthly cash retainer of
- A component of its retainer will also include a monthly equity payment equivalent to
USD5,000 of ordinary shares in the Company trading on TSX-V, settled quarterly (calculated based on the 5 day VWAP preceding the last trading day of each month); and - A total of 2,000,000 performance based options, struck at a significant premium to the Company’s current ASX share price, granted as follows:
- The exercise price of 500,000 options shall be
A$0.32 per fully paid ordinary share. - The exercise price of 500,000 options shall be
A$0.34 per fully paid ordinary share. - The exercise price of 500,000 options shall be
A$0.36 per fully paid ordinary share. - The exercise price of 500,000 options shall be
A$0.38 per fully paid ordinary share.
- The exercise price of 500,000 options shall be
The performance based options will be issued in compliance with the Company’s Share Compensation Plan and will be exercisable at any time until
Depending upon the structure of the financing for the
- a Debt Financing Completion Fee equal to 3% of the gross proceeds of debt raised or on debt linked securities; or
- a Non-Debt Financing Completion Fee equal to 5% of gross proceeds raised for any non-debt related capital raising; or
- an M&A Fee equal to 3% of the total enterprise value of any M&A transaction.
On behalf of the Board of Directors, Mr
For more information please contact:
Joe Phillips
CEO & Director
M +61 (0)448 899 247
jphillips@macarthurminerals.com
Company profile
Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its
This news release is not for distribution to
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. 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 limited to statements regarding: the proposed strategy regarding core mining, road and rail inputs at the Project; anticipated increases in annual production at the Project; anticipated decreases in Project costs; the possible reclassification of current inferred mineral resources on the Project as indicated mineral resources in the future; expected completion of the FS on the Project containing a new reserve calculation and a new economic assessment; the granting of a license for the Menzies rail siding; the status of the MRRT; and plans to secure mining approvals under the Mining Act, 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. 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 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; future changes in strategy regarding core mining, road and rail inputs with respect to the Project; final Project costs varying from those determined from the EOI program; failure to successfully negotiate a BOO arrangement for the Project; failure to complete the FS; failure of the FS to reflect currently anticipated increases annual production and decreases in expected costs at the Project; the results of infill drilling being insufficient to reclassify current inferred mineral resources on the Project as indicated mineral resources; failure to receive a license for the Menzies rail siding; failure to repeal the MRRT; and failure to obtain mining approvals under the Mining Act. 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.
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