For the newbie'shttps://www.marketwired.com/press-release/singaporean-steel-shipping-group-signs-funding-mandate-macarthur-minerals-australian-tsx-venture-mms-2195685.htm February 14, 2017 08:00 ET
Singaporean Steel and Shipping Group Signs Funding Mandate for Macarthur Minerals Australian Iron Ore Project
VANCOUVER, BC--(Marketwired - February 14, 2017) -
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Macarthur Minerals Limited (TSX VENTURE: MMS) (the "Company" or "Macarthur Minerals") is pleased to announce that it has entered into a non exclusive mandate with the Tulshyan Group to raise up to A$200 million with an initial tranche of A$50 million to develop the Company's Ularring hematite iron ore project located in Western Australia.
The Tulshyan Group made a strategic investment in the Company in January this year. The Tulshyan Group, based in Singapore, is one of the largest recyclers of scrap steel in the world, has a significant shipping business with a fleet of over 30 ships and is expanding its commercial aircraft leasing business. The Tulshyan Group has significant experience in sales, marketing of steel and iron ore and access to capital for potential development of the Company's Western Australian iron ore projects.