LinQ terminates A$6 million convertible note financing to Medusa Mining

By Sheri Kasprzak

Atlanta, June 30 - LinQ Capital Ltd. said Thursday it has terminated its agreement to provide A$6 million for a convertible note offering to Medusa Mining Ltd.

LinQ said in a statement that Medusa failed to meet certain conditions surrounding the agreement.

On April 11, LinQ agreed to provide A$6 million for a 10% convertible note due in two years. The notes were convertible at A$0.77 each. The proceeds were to be used to partially fund the acquisition of Philsaga Mining Corp. in the Philippines.

According to the statement, Medusa and LinQ are currently negotiating alternative methods of financing the acquisition.

Based in Como, Western Australia, Medusa is a gold and copper-gold exploration company. On Thursday, Medusa's stock closed unchanged at A$0.68.

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