Macarthur Minerals (ASX:MIO) allows Eyeon Investments to convert notes to shares

• Macarthur Minerals (MIO) is up 37 per cent on the market this morning after the board allowed Eyeon Investments to convert its notes into shares
• Eyeon will convert 20 notes — with gross proceeds totalling US$800,000 (approximately A$1 million) — into more than 2.6 million ordinary shares
• Last month, the company reflected on a busy second quarter as it progresses its Lake Giles Iron Project in Western Australia
• Macarthur said in the recap its main focus will remain on delivering a high-grade, low-impurity magnetite fines product at Lake Giles
• Company shares up 37 per cent on the market this morning and is trading for 68.5 cents per share

Macarthur Minerals (MIO) is up 37 per cent on the market this morning after Eyeon Investments converted its noteholding into shares.

The board of Macarthur approved Eyeon’s request to convert 20 notes — with gross proceeds totalling US$800,000 (approximately A$1 million) — into more than 2.6 million ordinary shares.

The conversion price is equal to around C$0.40 (roughly A$0.42) per share.

Last month, the company reflected on a busy second quarter as it progresses its Lake Giles Iron Project in Western Australia

Macarthur said in the recap its main focus will remain on delivering a high-grade, low-impurity magnetite fines product at Lake Giles, which will target the Asian steel mills.

“Lake Giles will aim to be very much at the fore of a new global iron ore future that values more sustainable steel products that are derived from responsible mining practices, with the highest focus on safety and with a commitment to respecting the environment and indigenous interests,” Executive Chairman Cameron McCall said in August.

Significantly, the price of iron ore has continued to remain strong during this quarter, despite the global COVID-19 pandemic.

Macarthur is up 37 per cent on the market this morning and is trading for 68.5 cents per share at 11:29 am AEST.