Macarthur Announces Additional Conversion of Convertible Notes
September 03 2020 - 8:00AM
Macarthur Minerals Limited
(ASX: MIO) (TSX-V: MMS) (the
“Company” or “Macarthur”) is pleased to update shareholders that,
further to the Company’s recent announcement on 1 September 2020
and pursuant to the terms and conditions of the private placement
offering announced on 10 July 2019, the Board of Macarthur resolved
to approve the request of two additional convertible noteholders to
convert all of the outstanding amount advanced for their
subscription totalling 24 Notes, for gross proceeds of US$950,000
into 3,101,887 ordinary shares in the capital of the Company at
conversion price equal to the USD equivalent of C$0.40 per share in
accordance with the terms of their Investment Agreements and based
upon the prevailing exchange rate on the dates of conversion of 31
August 2020 and 1 September 2020.
Cameron McCall, President and Executive
Chairman of Macarthur Minerals commented:“The decision of
these two further convertible note holders to convert to shares,
along with the conversion of the 20 Notes announced on 1 September
2020, demonstrates an increasing confidence in the material
progress that Macarthur’s Board and Management have made on the
Lake Giles Iron Project this year.”
On behalf of the Board of Directors, Mr Cameron McCall,
Executive Chairman
For more
information please contact: |
|
|
|
Joe Phillips |
|
CEO & Director |
|
+61 7 3221 1796 |
|
communications@macarthurminerals.com |
|
|
|
Investor Relations – Australia |
Investor Relations - Canada |
Advisir |
Investor Cubed |
Sarah Lenard, Partner |
Neil Simon, CEO |
sarah.lenard@advisir.com.au |
+1 647 258 3310 |
|
info@investor3.ca |
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). Macarthur has prominent (~721
square kilometer tenement area) gold, lithium and copper
exploration interests in Pilbara region of Western Australia. 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
StatementsCertain 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.
Macarthur Minerals (TSXV:MMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Macarthur Minerals (TSXV:MMS)
Historical Stock Chart
From Jul 2023 to Jul 2024