- Macarthur Minerals (MIO) has finalised all outstanding convertible notes 23 months before they hit maturity
- The company’s board approved requests from the final three holders to convert outstanding amounts into company shares
- Glencore, Exception Capital and a Mr M Deening held 81 notes between them, for gross proceeds of around US$3.25 million (roughly A$4.46 million)
- These were secured notes, and because they have been converted, the company will finalise arrangements to extinguish the security over its Lake Giles Project
- Macarthur Mineral shares have been trading 1.69 per cent lower at 58 cents
Macarthur Minerals (MIO) has finalised all outstanding convertible notes 23 months before they hit maturity.
The company’s board approved requests from the final three holders to convert outstanding amounts to company shares.
This came after Macarthur approved two other note holders’ requests to convert 24 notes late last week.
Glencore, Exception Capital and a Mr M Deening held 81 notes between them, for gross proceeds of around US$3.25 million (roughly A$4.46 million). The notes were exchanged for more than 9.5 million ordinary shares in Macarthur.
These were secured notes, and because they have been converted, the company will finalise arrangements to extinguish the security over its Lake Giles iron ore tenements in Western Australia.
Glencore holds a life-of-mine binding off-take agreement for iron ore produced from the Lake Giles project.
Macarthur Minerals President and Executive Chairman, Cameron McCall, said the news indicated strong support for the project.
“The early conversion of all participating note holders, 23 months prior to maturity, is great news and indicates strong investor support in the continued progress that the company is making to bring its flagship Lake Giles Iron Project into production,” he said.
Macarthur Mineral shares have been trading 1.69 per cent lower at 58 cents