RENOUNCEABLE RIGHTS ISSUE TO RAISE UP TO A$3.3m
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One (1) Share for five (5) Renounceable Rights Issue to raise up to
$3.3 million -
Attractively priced at
A$0.10 per share -
Discount of 26% to the 30 day VWAP of
A$0.0135 and 28% to the 90 day VWAP ofA$0.139 - With every two (2) New Shares, shareholders receive one (1) free attaching New Option
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New Options will have Exercise Price of
A$0.25 cents , term of 18 months and will be listed - Shareholders can trade their rights and apply for the shortfall (shares and options)
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Rights to start trading from
8 March 2024 - All directors who hold shares are eligible to participate
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Net proceeds to be used for exploration budgets at the
Lake Giles Iron Project
The Rights Issue is open to all eligible shareholders with a registered address in
Eligible shareholders will have the opportunity to apply for any shortfall in excess of their entitlement. Trading of rights will commence from
The Rights Issue is managed by
All Directors who hold shares in the company are eligible to participate in the Rights Issue.
All new shares issued will rank equally with existing shares on issue on the Record Date and the Company will apply for quotation of the New Shares and New Options. A prospectus in relation to the Rights Issue will be lodged with ASIC on
Indicative dates in respect to the capital raising are provided below:
Announcement of Rights Issue |
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Lodgement of Prospectus with ASIC and ASX |
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Ex-date for Rights Issue Rights trading commences on a deferred settlement basis |
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Record date to determine Rights (Record Date) |
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Prospectus and Entitlement and Acceptance form dispatched to shareholders |
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Rights Issue opens and trading commences (Opening Date) |
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Rights Issue trading ends |
15 March |
Rights Issue closing date for receipt of applications (Closing Date) |
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Announcement of results and shortfall (if any) under the Rights Issue New Shares and Options start trading on a deferred settlement basis |
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Issue of New Shares, together with attaching Options |
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Commencement of trading of New Shares and Options on ASX on a normal settlement basis Dispatch of holding statements |
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These dates are indicative only and the Company's board reserves the right to modify all dates, including the Rights Issue closing date, subject to the Corporations Act and Listing Rules.
Executive Chairman,
"Our rights issue is a big step for Macarthur as we seek a partner or buyer for our world class iron ore project. With a completed feasibility study and a strong asset base in place, our focus remains steadfast on delivering value for our shareholders. We're excited about the opportunities ahead and appreciate your participation and ongoing support."
Released On behalf of the Board of Directors, Mr
Macarthur is an iron ore development, and lithium exploration company that is focused on bringing to production its
This news release is not for distribution to
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 Ore 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.
SOURCE