FORT ST. JOHN, BRITISH COLUMBIA--(Marketwired - Jun 3, 2013) - Macro Enterprises Inc. (the "Company" or "Macro") (TSX VENTURE:MCR) announces that the lenders to Macro under the terms of a Convertible Loan Agreement, as amended, dated July 7, 2006 among the lenders, Macro and its wholly- owned subsidiary, Macro Industries Inc. have given Macro notice of their intention to request that Macro issue an aggregate of 3,792,701 Common shares to the lenders in satisfaction of $5,689,051, being the aggregate principal amount of the loan at a conversion price of $1.50 per common share. The TSX Venture Exchange has approved the issuance of the common shares to the lenders, including the following three lenders who are insiders of Macro: Frank Miles, Mark Dodge and Hugh Sewell. Particulars of the loan agreement, were set out in Macro's news release dated March 28, 2012, and a copy of the loan agreement is available on SEDAR at www.sedar.com.
Frank Miles has advised Macro that he plans to sell up to 1,000,000 shares of the Company either privately or in the public market through the TSX Venture Exchange. Mr. Miles has filed a Notice of Intention to Distribute Securities under Section 2.8 of National Instrument 45-102 Resale of Securities, a copy of which is available on SEDAR. Mr. Miles stated "As the largest shareholder of Macro and its Chief Executive Officer responsible for the day to day operations, I remain absolutely committed to working to ensure the continued success of our business."
Macro's core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern British Columbia and northwestern Alberta. The Company's corporate office is in Calgary, Alberta. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company's principal operating unit, Macro Industries Inc., can be found at www.macroindustries.ca.