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) 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.”