By Laura Lutz
Des Moines, Jan. 15 - Macarthur Minerals Ltd. raised C$700,000 from the second and final tranche of a C$2.8 million non-brokered private placement of units.
The first tranche, for C$2.1 million, closed on Jan. 3.
In total, Macarthur sold 2 million units at C$1.40 apiece. The first tranche included 1.5 million units, and the second included 500,000 units.
Longview Strategies Inc. bought all 500,000 units in the second tranche.
In the first tranche, First Apollo Capital Ltd. bought 1 million units for C$1.4 million and Pinetree Capital Ltd. bought 500,000 units for C$700,000.
Each unit consists of one common share and one warrant, with each warrant exercisable at C$2.00 for 18 months.
Macarthur paid a 6% finder's fee, or C$126,000, in connection with the first tranche.
Proceeds will be used to advance the company's geological work currently under way at its Lake Giles project.
Macarthur is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Macarthur Minerals Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.8 million
|
| Units: | 2 million
|
| Price: | C$1.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.00
|
| Agent: | Non-brokered
|
| Investors: | First Apollo Capital Ltd. (for C$1.4 million), Pinetree Capital Ltd. (for C$700,000); Longview Strategies Inc. (for C$700,000)
|
| Fees: | C$126,000
|
| Pricing date: | Nov. 22
|
| Settlement date: | Jan. 3 (for C$2.1 million); Jan. 15 (for C$700,000)
|
| Stock symbol: | TSX Venture: MMS
|
| Stock price: | C$1.50 at close Nov. 23
|
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