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Macarthur Minerals re-engages IR group for North American markets

Published: 19:09 13 May 2020 EDT

Macarthur Minerals Ltd - Macarthur Minerals re-engages IR group for North American markets
The company is seeking to reinstate trading on the OTCQB

Macarthur Minerals Limited (CVE:MMS) (ASX:MIO) has engaged Investor Cubed Inc to provide capital markets advice, investor relations and marketing development services to the company for the North American markets.

Re-engagement with the Canadian company coincides with the company’s intention to file an application with OTC Markets Group in the US to reinstate trading on the OTCQB.

“Increasing exposure”

President and executive chairman Cameron McCall said: “Macarthur has made significant progress over the last year, achieving all its stated milestones with the sole objective of progressing its Lake Giles project into production.

"Macarthur has worked with Investor Cubed over the last decade and has re-engaged their services to maintain communications with our investors and shareholders and increase our exposure in the Canadian and North American markets.”

Terms of engagement

Engagement terms with Investor Cubed are a consulting contract paying C$5,000 per month for a term of 12 months and a right to purchase 1.5 million options for Macarthur shares.

The latter would be granted as follows:

  • 500,000 options with an exercise price of C$0.16 exercisable until December 31, 2022;
  • 500,000 options with an exercise price of C$0.24 exercisable until December 31, 2022; and
  • 500,000 options with an exercise price of C$0.32 exercisable until December 31, 2022.

The performance-based options will be governed by the provisions of Macarthur’s share compensation plan.

Application to OTC Markets Group

Macarthur intends to file the application with OTC Markets Group within the next two weeks and the company will maintain its current listings on the Australian Securities Exchange (ASX) and TSX Venture Exchange (CVE).

This application will be subject to review and approval by OTC Markets Group.

As part of the process, Macarthur’s board has approved the appointment of Northland Capital Markets, a full-service investment bank headquartered in the US, to act as OTCQB sponsor and advisor to the company.

McCall said: "Quotation on the OTCQB should boost confidence in our overall business strategy by allowing greater access of the company’s stock to US shareholders and it demonstrates our desire to build long-term shareholder value.”

Lake Giles resources

Resources at the Lake Giles Iron Project in WA include the Moonshine inferred magnetite resource of 710 million tonnes and Ularring hematite project with indicated resources of 54.5 million tonnes at 47.2% iron and inferred resources of 26 million tonnes at 45.4%.

While the Ularring resource is approved for development, Macarthur is focusing on the higher-value magnetite resource.

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