Macarthur Minerals Limited (TSXV:MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce that London listed Rare Earth Minerals plc (“Rare Earth Minerals”), the Company’s largest shareholder, has exercised 7,500,000 warrants.
The exercise of 7,500,000 warrants increases Rare Earth Minerals’ interest from 11.69% to 16.56% of Macarthur Minerals’ issued capital.
Rare Earth Minerals was previously issued 15,000,000 warrants in the Company as part of the 2016 Private Placement (refer to news release May 9, 2016) at an exercise price of CAD$0.05 per common share. Shareholder approval was received at the Company’s Annual General Meeting on August 31, 2016, for the issue of shares for the exercise of those warrants. Rare Earth Minerals now has 7,500,000 warrants remaining to be exercised, which expire on May 8, 2017.
Rare Earth Minerals is a specialist lithium Investment Company with significant interests in the large Sonora Lithium Project in Mexico by virtue of it being the largest shareholder of Canadian listed Bacanora Minerals Limited and the Cinovec Lithium Project in the Czech Republic, where it is the largest shareholder in Australian listed European Metals Holdings Ltd.
David Taplin, President, CEO & Director of Macarthur Minerals, commented:
“We are pleased with Rare Earth Minerals continued financial support of the Company as we move forward to develop our expanding lithium exploration presence in Australia and Nevada.”
Andrew Suckling, Executive Chairman of Rare Earth Minerals, commented:
“Rare Earth Minerals sees its strength as financially supporting emerging lithium exploration companies with excellent growth potential, as we have done and continue to do so with both Bacanora Minerals Limited and European Metals Holdings Ltd. We see tremendous potential in Macarthur Minerals large lithium exploration portfolio in Western Australia and we are particularly encouraged by Macarthur’s significant lithium results recently reported from their Lida Valley play in Nevada.”
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