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Macarthur Minerals seeks extension of terms for previously issued warrants

The company is in a stronger position to complete its Lake Giles Iron Project financing strategy after recently converting outstanding convertible notes 23 months prior to maturity.

Macarthur Minerals Ltd - Macarthur Minerals seeks to extend terms of previously issued warrants
Macarthur is focused on developing the Lake Giles Iron Project in Western Australia

Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) will apply to the TSX Venture Exchange for approval to extend the terms of 7,928,183 previously issued post-consolidation common share purchase warrants by 12 months.

The warrants were issued as part of rights offering completed by the company in December 2017 and are exercisable for post-consolidation common shares of Macarthur at a price of C$0.80 per share, which will expire on December 15, 2020.

Macarthur is proposing to extend the expiry date of the warrants until 5.00pm AEST on December 15, 2021.

Several requests from warrant holders

Executive general manager (corporate) and company secretary Andrew Burton said: “I have received a number of requests and enquiries from warrant holders with regards to the terms of exercise of the rights offering warrants following the company’s share consolidation on TSX-V.

“Some confusion has arisen around the exercise price of C$0.20, which adjusted to C$0.80 because of the 4:1 consolidation ratio of the common shares of Macarthur in October 2019.

“With the company’s share price trending positively in recent months, the board and management of Macarthur consider that it is appropriate that the company seek exchange approval to extend the term of these warrants to December 15, 2021.”

All other terms and conditions of the warrants, including the exercise price will remain the same.

The proposed extension of the expiry date is conditional upon receipt of exchange approval.

Quick facts: Macarthur Minerals Ltd

Price: 0.68 AUD

ASX:MIO
Market: ASX
Market Cap: $69.59 m
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