RE:RE:RE:RE:Fully Underwritten $1.9M Rights Offering to Fund Pilbara Expissued under the Rights Offering are validly exercised the Rights Offering will raise gross proceeds of approximately C$1,900,000. Macarthur Minerals intends to use the net proceeds of the Rights Offering to analyse the potential for lithium and gold on its acreage, pay care and maintenance costs on Macarthur Minerals’ existing acreage and for ongoing working capital. Standby Commitment In connection with the Rights Offering, the Company has entered into a standby guarantee agreement (the "Standby Guarantee") for the full Rights Offering of approximately C$1.9 million with Orbit Drilling Pty Ltd (the "Standby Purchaser"). Under the Standby Guarantee, the Standby Purchaser has agreed to subscribe for, and the Company has agreed to issue, all Units offered under the Rights Offering that are not otherwise purchased by the Company's shareholders, up to the amount of approximately $1.9 million. Martin Smith, Managing Director of Orbit Drilling Pty Ltd commented: “I am a big supporter of Macarthur Minerals’ capability and am excited about their tenement package in the Pilbara.”
https://www.sedar.com/FindCompanyDocuments.do