12:51 PM EDT, 07/11/2024 (MT Newswires) -- Macarthur Minerals ( MMSLF ) said Thursday it plans to raise A$2 million ($1.8 million) from a a private placement of shares priced at A$0.053 each.

For every two placement shares issued, one attaching option will be issued. Each two-year option will have an exercise price of A$0.10.

The company plans to use the proceeds for working capital and to support operating expenses, including salaries and management fees, as it advances marketing efforts for the Lake Giles magnetite project.

The company's shares were last seen up $0.005 to $0.07 on the TSX Venture Exchange.

Price: 0.07, Change: +0.01, Percent Change: +7.69