By Laura Lutz
Des Moines, Aug. 4 - Macarthur Minerals Ltd. plans to raise C$1 million in a placement of convertible notes with MDA Capital Pty Ltd., Macarthur's substantial shareholder.
The notes are convertible at C$0.68 and expire on Dec. 31.
The conversion of the notes is subject to shareholder approval, which will be sought at the company's next annual meeting. If conversion is not approved, the principal amount of the notes is repayable with 8% interest.
Proceeds will be used for drilling at the company's Lake Giles property and for general working capital purposes.
Vancouver, B.C.-based Macarthur is a mineral exploration company.
| Issuer: | Macarthur Minerals Ltd.
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| Issue: | Convertible notes
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| Amount: | C$1 million
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| Maturity: | Dec. 31, 2006
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| Conversion price: | C$0.68
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| Warrants: | No
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| Investors: | MDA Capital Pty Ltd.
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| Announcement date: | Aug. 4
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| Stock symbol: | TSX Venture: MMS
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| Stock price: | C$0.75 at close Aug. 4
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