Macro shares up following update

Shares in Macro Metals rose by 50 per cent on Wednesday morning to 5 cents per share, following news of the company's recent asset and Board acquisitions. 

Former Mineral Resources executive general manager and company secretary Simon Rushton has been appointed as managing director of Macro, amid plans to increase its iron ore portfolio in the Pilbara.

As part of this push, the company has confirmed a series of additional Board appointments - proven mining executive Evan Cranston, experienced capital raiser Tolga Kumova and Robert Jewson, who will operate in an executive technical director capacity.

Peter Huljich will remain as Macro's non-executive chairman, while Campbell Smyth and Ashley Pattinson have confirmed will retire from the Board at the close of business today. 

Mr Rushton, who spent 12 years at Mineral Resources, has extensive mining and legal experience in Western Australia and believes in time that Macro can generate success in the state's Pilbara and Mid West regions. 

"Utilising the same fit for purpose, safety and results focused, rapid development approach across the Macro assets, I can see substantial scale and the real potential to become a multi mine iron ore producer," he said.

"The newly appointed Board and I have commenced our prioritisation of the Pilbara iron ore assets within the Macro portfolio and we look forward to providing further updates with respect to exploration and development activities in coming weeks.”

Macro also told the market it had secured six exploration licence agreements from Mining Equities courtesy of a tenement acquisition deal and was planning to raise $1.35 million - $1.22 million of which would be taken up by the company's new directors.

Proceeds from the raise will be put towards various exploration and activities across the tenements, along with providing additional working capital. 

The placement, which will be completed via two tranches, will begin with Macro issuing approximately 419.9 million placement shares to the new directors at an offer price of 0.008 of a cent per share.

A further 255 million placement shares, will be issued in the secondary tranche. 

Subject to shareholder approval, Macro said all new directors would be issued 345 million unlisted options, which would be exercisable at $0.004 cent of a share with a five-year expiry from the record date. 

Originally known as Energio and Kogi Iron, the company changed its name to Macro Metals in 2022.