Early Conversion by Glencore Completes 100% Conversion of All Outstanding Convertible Notes
September 10 2020 - 8:00AM
Macarthur Minerals Limited
(ASX: MIO) (TSX-V: MMS) (the
“Company” or “Macarthur”) is pleased to announce the early
retirement of 100% of the secured Convertible Note, 23 months prior
to maturity. This was achieved through the receipt of
conversion notices from the three remaining holders of the
Company’s Convertible Note offering (“Note”) in accordance with the
terms and conditions of the private placement offering announced on
10 July 2019.
The Board of Macarthur has resolved to approve
the request of the final three note holders, Glencore International
AG (“Glencore”), Exception Capital LLP and Mr M Denning to convert
all of the outstanding amounts advanced for their subscriptions,
totalling 81 Notes, for gross proceeds of US$3,250,000 into
9,518,237 ordinary shares in the capital of the Company at
conversion price in accordance with the terms of their Investment
Agreements and based upon the prevailing exchange rates on the
respective dates of conversion.
The Convertible Notes were secured notes, and
now that they have been converted, the Company is in the process of
finalising arrangements to extinguish the security held over the
Company’s Lake Giles iron ore tenements.
Cameron McCall, President and Executive
Chairman of Macarthur Minerals commented:“The Board of
Macarthur welcomes Glencore, Exception Capital and Mr Denning as
shareholders of the Company.
Glencore also hold a life-of-mine binding
Off-Take Agreement with Macarthur for the sale of iron ore to be
produced from the Lake Giles Iron Project in the Yilgarn Region of
Western Australia from the commencement of commercial production,
as announced on March 21, 2019.
The early conversion of all participating Note
holders, 23 months prior to maturity, is great news for the Company
and indicates strong investor support in the continued progress
that the Company is making to bring its flagship Lake Giles Iron
Project into production.”
On behalf of the Board of Directors, Mr Cameron McCall,
Executive Chairman
For more
information please contact: |
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Joe Phillips |
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CEO & Director |
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+61 7 3221 1796 |
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communications@macarthurminerals.com |
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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.
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