Macarthur Minerals' Major Shareholder Increases Shareholding to 20.37%
VANCOUVER, British Columbia, May09, 2017(GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V:MMS) (the "Company" or "Macarthur Minerals") is pleased to announce that London listed Cadence Minerals Plc ("Cadence Minerals") (formerly Rare Earth Minerals plc), the Company's largest shareholder, have exercised their remaining 7,500,000 warrants, which increases Cadence Minerals' interest in Macarthur Minerals from 16.09% to 20.37%.
Cadence Minerals is a specialist early stage lithium focused investment and development company, within the mineral resource sector.Cadence Minerals has a track record of identifying undervalued lithium assets, with irreplaceable strategic global advantage in the lithium and energy storage sector. Cadence Minerals invests in companies at an early stage to assist them to become lithium powerhouses.
Cadence Minerals, is a significant shareholder in not only Macarthur Minerals, but also Bacanora Minerals Limited (the owners of the Sonora Lithium Project in Mexico), European Metals Holdings Limited (the owners of the Cinovec Lithium Project in the Czech Republic) and Auroch Minerals NL (a company developing lithium in Namibia). To date, Cadence Minerals has invested over C$50 million in key lithium assets which today have a combined market capitalisation of some C$330 million.
David Taplin, President, CEO & Director of Macarthur Minerals, commented:
"We are pleased that Cadence Minerals has continued to financially support the Company as we move forward to develop our expanding lithium exploration presence in Australia and Nevada."
Andrew Suckling, Executive Chairman of Cadence Minerals, commented:
"Cadence Minerals sees its strength as financially supporting emerging lithium exploration and development companies with excellent growth potential, as we have done and continue to do so with both Bacanora Minerals Limited and European Metals Holdings Ltd, the owners of the Sonora and Cinovec Lithium Projects respectively. We see tremendous potential in Macarthur Minerals' large lithium exploration portfolio in Western Australia and we are particularly encouraged by Macarthur Minerals' significant lithium results recently reported from their Lida Valley play in Nevada."
The Company previously received Shareholder approval at the Company's Annual General Meeting on August 31, 2016, for the issue of shares for the exercise of the warrants.
ABOUT MACARTHUR MINERALS LIMITED (TSX-V: MMS)
Macarthur Minerals Limited is an exploration and development company that is focused on developing its lithium exploration interests in Australia and Nevada. Macarthur Minerals is the majority shareholder of Macarthur Australia Limited, which is intended to be listed on the ASX, which owns significant iron ore and lithium projects in Western Australia.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
"Cameron McCall"
Cameron McCall, Chairman
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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.
Company Contact: David Taplin, President, CEO and Director dtaplin@macarthurminerals.com Tel: +61 407470044 www.macarthurminerals.com