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Macarthur Minerals $10M IPO Spinout of Infinity Mining Limited Closes Oversubscribed

VANCOUVER, British Columbia, Nov. 24, 2021 (GLOBE NEWSWIRE) — Macarthur Minerals Limited (ASX: MIO) (TSX-V: MMS) (OTCQB: MMSDF) (the Company or Macarthur)…

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VANCOUVER, British Columbia, Nov. 24, 2021 (GLOBE NEWSWIRE) — Macarthur Minerals Limited (ASX: MIO) (TSX-V: MMS) (OTCQB: MMSDF) (the Company or Macarthur) is pleased to announce that the Initial Public Offering (IPO) of its spin-out company, Infinity Mining Limited (Infinity) has now closed. The IPO offer opened on 5 November 2021 and closed oversubscribed on 19 November 2021 under its Prospectus dated 28 October 2021.


Key points
 

  • Under the offer, the Company intended to raise between $7 million and $10 million with the offer closing oversubscribed at its targeted maximum subscription of $10 million
  • Infinity is on track to complete its Initial Public Offering (IPO) and list on the Australian Securities Exchange (ASX)
  • Reserved ASX ticker code IMI
  • Infinity, a spin-out of Macarthur’s non-iron assets will fast track further exploration and the future development potential of the Pilbara Assets and allow Macarthur to focus solely on the development of its flagship iron ore projects situated at Lake Giles in the Yilgarn region of south-western, Western Australia.

Macarthur Australia Limited, a subsidiary of Macarthur, as the majority shareholder, will work closely with Infinity to develop these assets to maximize shareholder value. The timing to develop these assets is ideal and further diversifies Macarthur enhancing the opportunity to drive additional value to shareholders.

The current investor interest in Australian Lithium assets was very much a motivator for investors to take up this offering combined with the Company’s portfolio of base metal assets.  

IPO Lead Manager CPS Capital Group Pty Ltd, Managing Director, Jason Peterson commented:

“CPS is thrilled to have worked with the efficient and hardworking team at Infinity Mining to close out this oversubscribed IPO. The book included multiple cornerstone institutional investors from Australia and Europe who followed up their initial seed investment and was accompanied by strong demand from local Sophisticated and Retail investors. Infinity provides an exciting opportunity due to the blended exposure in key battery metals such as copper/nickel/lithium combined with advanced gold projects which can be accelerated towards near term production. We look forward to the listing and working with Infinity to deliver long term shareholder value.”

Joe Phillips, Managing Director of Macarthur Minerals commented:

Macarthur is pleased to report that the Offer under the Infinity Prospectus has been filled oversubscribed to the maximum A$10m and the company now will seek a 2021 listing date. Infinity Mining has contracted an experienced technical and geological team and will conduct a very active exploration campaign both in the Pilbara and the Central Goldfields over the course of the next few months. Macarthur is pleased to have worked with CPS and their professional corporate team under the guidance of Jason Peterson and I have been personally impressed with the quality of their clients and the reach that this company has in the Australian investment market. Well done to the CPS Perth team.”

On behalf of the Board of Directors, Mr Cameron McCall, Chairman

For more information please contact:

Joe Phillips
Managing Director
+61 7 3221 1796
[email protected]
   
Investor Relations – Australia
Advisir
Alex Bunney, Manager Client Services
[email protected]  
Investor Relations – Canada
Investor Cubed
Neil Simon, CEO
+1 647 258 3310
[email protected]

No new information
To the extent that this announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements (including supporting JORC reporting tables) made by the Company, unless explicitly stated, no new information is contained in accordance with Table 1 checklist in the JORC Code. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of Mineral Resources that all assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Company profile
Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). The JORC reporting tables and Competent Person statement for the magnetite and hematite mineral resources have previously been disclosed in ASX market announcements dated 12 August 2020 and 5 December 2019. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.

This news release is not for distribution to United States services or for dissemination in the United States

Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws.  All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Mineral Reserves or the eventual mining of the Project, are forward-looking statements.  The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements.  Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to:  unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals.  Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.






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Tarku Closes $750,000 Private Placement Financing

MONTREAL, QC / ACCESSWIRE / December 6, 2021 / Tarku Resources Ltd (TSXV:TKU)( FRA:7TK)(OTCQB:TRKUF) (the "Company" or "Tarku") announces that it has closed…

MONTREAL, QC / ACCESSWIRE / December 6, 2021 / Tarku Resources Ltd (TSXV:TKU)( FRA:7TK)(OTCQB:TRKUF) (the “Company” or “Tarku”) announces that it has closed on December 3rd, 2021, a non-brokered private placement (the “Private Placement”) for aggregate gross proceeds of $750,000. This Private Placement is comprised of 7,500,000 Flow-Through Shares of the Company at a price of $0.10 per share.

In addition, the Company expects closing a second Private Placement before December 17, 2021, that will consist of a maximum 2,500,000 units at a price of $0.10 per unit, for a maximum of $250,000. Each unit will consist of one common share and one-half (1/2) common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one common share at a price of $0.15 per common share for a period of 24 months after the closing.

All securities issued pursuant to the Private Placement will be legended with a hold period of four (4) months and one day from the date of issuance. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

The Company paid finder’s fees in a cash commission equal to 7% of aggregate proceeds from the sale of Units sourced by the finder totaling $38,500, as well as finder’s warrants (the “Finder’s Warrants”) in an amount of 385,000 which is equal to 7% of the aggregate number of Units sourced by the finder pursuant to the Private Placement. Each Finder’s Warrant is exercisable to purchase one Common Share at an exercise price of $0.15 until December 3rd, 2023.

The net proceeds of the Private Placement will be used to fund the Company’s precious metals exploration projects in Quebec (Apollo, Atlas Apollo and Admiral). The Private Placement has been conditionally accepted by the TSX Venture Exchange.

About Tarku Resources Ltd. (TSX.V: TKU – FRA: 7TK – OTCBQ: TRKUF)

Tarku is an exploration company focused on new discoveries in favourable mining jurisdictions such as Quebec and Arizona. In Quebec, Tarku owns 100% of the “Three A‘s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami Greenstone belt, which has been interpreted by management as the eastern extension of the Detour Belt, and which has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc. In Arizona, in the Tombstone district, Tarku owns the option to acquire 75% on 20km2 in the Silver Strike Project.

Tarku Contact Information:

Email: [email protected]
Website: www.tarkuresources.com

Please follow @TarkuResources on LinkedIn, Facebook, Twitter and Instagram.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Tarku’s periodic reports including the annual report or in the filings made by Tarku from time to time with securities regulatory authorities.

SOURCE: Tarku Resources ltd.

View source version on accesswire.com:
https://www.accesswire.com/675814/Tarku-Closes-750000-Private-Placement-Financing





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West Oak Gold Corp. Discovers New Targets at Hedgehog; Samples Include 0.22% Copper in Soils, Claim Block Expanded

Vancouver, B.C. – TheNewswire – Dec 6, 2021 – Eastfield Resources Ltd. (TSXV:ETF) (OTC:ETFLF) (“Eastfield”) and West Oak Gold Corp. (CSE:WO) (“West…

Vancouver, B.C. – TheNewswire – Dec 6, 2021 – Eastfield Resources Ltd. (TSXV:ETF) (OTC:ETFLF) (“Eastfield”) and West Oak Gold Corp. (CSE:WO) (“West Oak”) are pleased to provide an update on 2021 exploration completed at the Hedgehog project (located near Barkerville, BC).

 

Highlights of the current work include a multitude of sporadic single point anomalous occurrences of gold, copper, zinc and arsenic and a cohesive cluster of anomalous arsenic and lead values (250 m in length, width unknown) on the southeast edge of the 2021 grid that compelled Eastfield to stake additional ground to expand the claim group by staking 1,000 meters to the east.   Single point soil anomalies reach 819 ppb gold, 444 ppm arsenic and 2,210 ppm copper (0.22%). The company is particularly intrigued by soil sample L899E, 8775N with 2,210 ppm copper and 8.45% iron.  Interest in this sample is is inspired by previous float samples collected further south on the property including a massive sulfide boulder grading 24.3% copper and 19.6 g/t silver collected in 1999 and five chalcopyrite rich massive boulders with an average grade of 8.0% copper, 8.9 g/t silver collected by Hudson Bay Exploration and Development in 2000 (as reported in their report filed with the BC Ministry of Mines).

 

In 2013, Eastfield discovered the Golden Sky showing, a new area of mineralization in the northern region of the claims where quartz veins hosted in sheared rhyolite returned grab samples to 1.51 g/t gold, 1.37% zinc, 0.48% lead, 1,203 ppm arsenic and 1,313 ppm antimony. A small soil grid was established at Golden Sky in 2014 but no follow up or further work was completed until 2021 (the current program) when 596 soil and rock samples were collected.

The Hedgehog Project is located approximately 12 kilometers north of the community of Barkerville, BC. Exploration models at Hedgehog include lode gold and (“Cyprus Style”) massive sulfides with most historic work having taken place for the latter.  No follow up of this year’s anomaly has yet been attempted.  Other companies active in the area include Osisko Gold Royalties Ltd.) (TSX: OR) who are currently conducting a major exploration program for gold ten kilometers to the south in and around the former operating Barkerville  Mine (the Cariboo Gold Project).

 

West Oak Gold Corp. may earn a 60% interest in the Hedgehog property by completing $1,750,000 in exploration and making $377,500 in cash and or share payments by the fourth anniversary.

 

This news release has been reviewed by J.W. Morton P.Geo who is the Qualified Person within the context of NI43-101 and who takes responsibility for its content.    

J.W. Morton, P. Geo.

President and CEO

  

Contact:        (604) 681-7913 or Toll Free: 888-656-6611

 

About Eastfield Resources:

Eastfield Resources is a well-funded Canadian mineral exploration company focused on the discovery of precious metal and copper deposits. Eastfield also holds a strategic position in Consolidated Woodjam Copper consisting of approximately 10% of its outstanding shares.  A summary of active projects is as follows:

 

Zymo: copper-gold porphyry, located 70 km west of Smithers, BC and 100% owned. Results include drill holes ZY08-07 with 0.72% copper and 0.66 g/t gold over 72 meters and hole ZY11-20 with 0.28% copper and o.34 g/t gold over 126 m. Peripheral precious metal veins have returned up to 10.78 g/t gold. Work completed in 2021 included expansions to the induced polarization and soil grids at a cost of approximately $400,000. Zymo is fully permitted.

Iron Lake: copper-gold- palladium-platinum-cobalt, located 40 kilometers northeast of 100 Mile House, BC. The project is optioned to Tech-X Resources Inc. (a private company headed by Haig Farris). Targets include ultramafic copper-gold- palladium-platinum-cobalt and porphyry copper-gold. Tech-X may earn an 80% interest in Iron Lake by completing a total of $12,000,000 in work and paying a total of $1,000,000 in option payments by December 31, 2027. Work competed in 2021 included an airborne MobileMT survey flown by Expert Geophysics Limited In June and extensive geological reconnaissance and sampling later in the season. Drilling is planned for 2022.

Indata: copper-gold porphyry and precious vein, located 120 km north of Fort St. James, BC, optioned to Prophecy Potash Corp who may earn 60% by completing $2,000,000 in exploration and  paying $450,000 (cash and/or shares)over a five year term. A number of very prospective untested induced polarization targets exist and are fully permitted. Results from previous drilling include DDH88-11 with 47.26 g/t gold over 4 m and DDH98-4 with 0.20% copper over 148 m including 0.37% copper over 24 m at the bottom. In 2019 new mineralization was exposed by logging activities in the southern region of the claims with samples returning up to 3.64% copper and 5.95 g/t gold. The Kwanika and Stardust deposits, owned by Northwest Copper Corp., are located immediately north of Indata and share similar geology.

  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    

For more information, please visit the company’s website at www.eastfieldresources.com.

Copyright (c) 2021 TheNewswire – All rights reserved.




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Royal Road Minerals Receives Environmental, Social and Governance (ESG) Exploration and Developer Award During Ceremony at Mines and Money Event, London

Toronto, Ontario–(Newsfile Corp. – December 6, 2021) – Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the "Company") is pleased to announce…

Toronto, Ontario–(Newsfile Corp. – December 6, 2021) – Royal Road Minerals Limited (TSXV: RYR) (“Royal Road” or the “Company”) is pleased to announce that it has received the Environmental, Social and Governance (ESG) Exploration and Developer Award at the Mines and Money event which took place in London on December 1 – 2, 2021.

The Company also received the Economic Development Award at the Colombia Gold Symposium which was held in Medellin on November 16 – 17, 2021.

These awards recognize the efforts made by the company to promote Environmental Excellence at all of its exploration sites, sustainable development through its community programs and innovative “Accelerator” initiatives and transparency and engagement amongst its key local, regional and international stakeholders.

“This recognition would not have been possible without the support and trust of our community partners and the dedicated efforts of our on-ground specialists,” said Raul Farfan, Royal Road Minerals, Executive Director, Sustainability. “ESG is at the core of our business, and we are convinced that exemplary performance will be crucial in order to maintain engagement with the financial community, unlock world class mineral bodies that are necessary for the transition to a decarbonized economy and meet the United Nations Sustainable Development Goals”.

Cautionary statement:

This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”) describing the Company’s future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company’s business or in the mineral resources industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words “plans”, “prospective”, “expect”, “intend”, “intends to” and similar expressions identify forward looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to the Company’s exploration plans.

The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. There is no guarantee that the anticipated benefits of the Company’s business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company’s filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

For further information please contact:

Dr. Timothy Coughlin
President and Chief Executive Officer
USA-Canada toll free 1800 6389205
+44 (0)1534 887166
+44 (0)7797 742800
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106816



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