Business
REM acquires interest in Macarthur Minerals
REM acquires interest in Macarthur Minerals.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 4949S Rare Earth Minerals PLC 18 March 2016 \n\nRare Earth Minerals Plc\n \n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\n \nREM acquires a strategic interest in Macarthur Minerals\n \nLondon and New York listed Rare Earth Minerals Plc (AIM: REM, OTC: REMMY), is pleased to announce that it has entered into a subscription agreement for approximately 15.5% (on an undiluted basis) of Macarthur Minerals Limited's (TSX-V: MMS) (\"Macarthur\") Share Capital for a total consideration of CD$300,000. Macarthur has applied for ten prospective lithium exploration licenses covering 946km2 in the Pilgangoora district, the Eastern Pilbara, and the Mid-West region of Western Australia (\"The Projects\"). A Map with the location of The Projects is available at: http://www.rareearthmineralsplc.com/files/9214/5822/8719/Mcarthur_License_applications.pdf.\nDetails of The Projects\nThe Eastern Pilbara applications were targeted based on a desktop review carried by CSA Global Pty Ltd (\"CSA Global\") a leading geological, mining and management consulting company whom have substantial experience in the field of industrial minerals exploration, including for lithium.\nThe applications contain similar geological settings to the Wodgina Tin-Tantalum (Ta-Sn) and Pilgangoora Lithium-Tantalum (Li-Ta) pegmatite deposits, which host the lithium projects of Australian Securities Exchange listed companies, Pilbara Minerals Limited and Altura Mining Limited. \n \nThe broader Eastern Pilbara district has been the subject of extensive historical exploration for a range of minerals and is known to host many granitic pegmatites such as those hosting the Pilbara Minerals Limited and Altura Mining Limited lithium projects. The largest concentrations of lithium-containing minerals, such as spodumene are found in pegmatites. Due to its lithium content and abundance, spodumene is considered the most important lithium-bearing mineral.\nDetails of the Subscription Agreement\nThe subscription agreement is for 15,000,000 units (each, a \"Unit\") at a price of CAD$0.02 per Unit (\"Unit Price\") proceeds of CAD$300,000. The Unit Price is equal to the closing price of Macarthur's TSX Venture Exchange listed shares on February 3, 2016, the date the Macarthur announced the brokered private placement and to Macarthur's closing p...