The mining sector is rich and lucrative, and investments in that sector are sometimes complicated. Vancouver-based Macarthur Minerals Limited (TSX-Venture:MMS) was seeking to add shareholder value with word that it had extended the closing of its non-brokered private placement offering of up to $6 million U.S. of secured Convertible Note until June 2.
Each Note has a face value of $10,000 U.S. following adoption of a loan note instrument, and can be converted at any time after 12 months into common shares at a fair price.
Executive Chairman Cameron McCall, said "Macarthur has been in detailed negotiations with institutional and private investors in Europe. The Convertible Note is drafted under Australian law as Macarthur is an Australian company with an Australian project and listed in Canada on the (TSX Venture Exchange)."
Back on Canadian markets, the stock gained half a cent, or 5.6%, to 9.5 cents on volume of 592,000
