By Devika Patel
Knoxville, Tenn., Nov. 26 - Macarthur Minerals Ltd. announced on Nov. 22 that it plans to raise up to C$2.8 million in a non-brokered private placement of units.
The company will sell up to 2 million units at C$1.40 apiece. Each unit will consist of one common share and one warrant, with each warrant exercisable at C$2.00 for 18 months. The company has firm commitments for 1 million units, or C$1.4 million.
Macarthur will pay a 6% finder's fee for this deal.
Proceeds will be used to advance the company's geological work under way at Lake Giles.
Macarthur is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Macarthur Minerals Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.8 million
|
| Units: | 2 million
|
| Price: | C$1.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.00
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 22
|
| Stock symbol: | TSX Venture: MMS
|
| Stock price: | C$1.50 at close Nov. 23
|
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