Macarthur Minerals Ltd V.MMS

Alternate Symbol(s): MMSDF

Metals & Mining Industrial Metals & Minerals

Macarthur Minerals Limited is an Australia-based iron ore development, and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Company has three iron ore projects in the Yilgarn region of Western Australia and two exploration project areas in the Pilbara, Western Australia for targeting iron ore. In addition, it has lithium brine interests in Railroad Valley, Nevada, United States. Its iron ore projects include Ularring Hematite Project, Moonshine Magnetite Project and Treppo Grande Project. The Lake Giles Iron Ore Projects (Moonshine Magnetite Project and the Ularring Hematite Project) are located on mining tenements covering approximately 62 square kilometers (km2), 175 kilometers northwest of Kalgoorlie in Western Australia. The Treppo Grande Project covers an area of over 68 km2. The Pilbara Projects tenements include E45/5324 and E45/4735. The Reynolds Springs lithium brine project covers an area of around 18 km2.

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Macarthur Minerals Ltd

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Post by rkhamon Dec 07, 2017 8:44am

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Post# 27107426

Wonder where we stand with SUH MOU?

The key terms of the MOU are:

$30,000 has been paid to Great Sandy equally by Macarthur Minerals, through its wholly owned subsidiary, Macarthur Marble Bar Lithium Pty Ltd (“MMBL”) and SUH on signing the MOU, which is exclusive.
MMBL and SUH will enter into a 50:50 contributing Joint Venture Agreement for purchase of 100% of the Projects (“Joint Venture”) within 60 days. The Joint Venture Agreement will be on standard industry terms and MMBL will be appointed project manager.
The Joint Venture will enter into a Purchase Agreement for the Projects within 60 days on completion of satisfactory due diligence and obtaining regulatory approvals.
The purchase price for the Projects by the Joint Venture is:
- Within 60 days of entering into the Purchase Agreement, the joint venturers will each issue A$125,000 of shares in each of their respective companies, Macarthur Minerals and SUH, to Great Sandy.
- Within 6 months of entering into the Purchase Agreement, the joint venturers will each issue A$250,000 of shares each in their respective companies, Macarthur Minerals and SUH, to Great Sandy. Following this final payment, the Joint Venture will receive 100% ownership of the Projects.
- Great Sandy will retain a 2% gross production royalty.
- The number of shares to be issued for the purchase price is to be calculated using a 5-day Volume Weighted Average Price for each Macarthur Minerals and SUH prior to the issue of shares.https://globenewswire.com/news-release/2017/05/02/975464/0/en/Macarthur-Minerals-Enters-MOU-to-Acquire-Lithium-Projects-in-the-Pilbara-With-Li2O-Grades-Up-to-3-72-Associated-With-Spodumene-Lithium-Pegmatites-at-Marble-Bar.html