viewMacarthur Minerals Ltd

Macarthur Minerals boosts balance sheet by US$3.25 million with conversion of convertible notes

Glencore, Exception Capital LLP and Mr M Denning have elected to proceed with the early conversion of their notes thus becoming Macarthur shareholders.

Macarthur Minerals Ltd - Macarthur Minerals conversion of convertible notes boosts balance sheet by US$3.25 million
The 100% conversion facilitates release of security over the company's iron ore tenements

Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) is in a stronger position to complete its Lake Giles Project financing strategy after the early conversion of all outstanding convertible notes 23 months prior to maturity.

This was achieved through the receipt of conversion notices from the three remaining note holders - Glencore PLC (LON:GLEN), 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$3.25 million into 9,518,237 ordinary shares in the capital of the company.

“Indicates strong investor support”

Macarthur Minerals president and executive chairman Cameron McCall said: “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.”

“The board of Macarthur welcomes Glencore, Exception Capital and Mr Denning as shareholders of the company.

“Glencore also holds a life-of-mine binding offtake 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 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 its Lake Giles iron ore tenements.

Quick facts: Macarthur Minerals Ltd

Price: 0.525 AUD

Market: ASX
Market Cap: $53.73 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Macarthur Minerals Ltd named herein, including the promotion by the Company of Macarthur Minerals Ltd in any Content on the Site, the Company...


Macarthur Minerals new route to market a key to company success

Macarthur Minerals Limited (CVE:MMS) (ASX:MIO) CEO Joe Phillips joined Steve Darling from Proactive to discuss the iron ore exploration company with projects in Western Australia. Phillips discusses where those projects are at and also about one of the biggest hurdles the company has now...

on 23/7/20

2 min read