Mms10 Sep 2020 14:53
EARLY CONVERSION BY GLENCORE COMPLETES 100% CONVERSION OF ALL OUTSTANDING CONVERTIBLE NOTES
• The early conversion of the total of the Company’s outstanding debt under the Convertible Notes 23 months prior to maturity, by the remaining Convertible Note holders, positions the Company well to complete its project financing strategy
• Glencore, Exception Capital LLP and Mr. M Denning have all elected to proceed with the early conversion of their Notes to Macarthur shares
• 100% conversion facilitates release of security over iron ore tenements
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
Just thought I’d add ...exception .... is Adrian fairboune :)
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