https://www.miningweekly.com

Mustang secures A$19.95m from US investor for Mozambique mines

8th January 2018

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – ASX-listed Mustang Resources has secured A$19.95-million in funding from US institutional investor Arena Investors and announced a rights issue to further advance its projects in Mozambique.

Arena has agreed to invest the funding through an unsecured convertible note facility, to be drawn down in seven separate tranches, each with an 18-month term.

The first A$1.9-million will be received upon signing of the convertible note deed with the convertible note to be issued under the company’s existing placement capacity.

The second tranche of A$3.8-million may be drawn by the company four months after the first tranche issue date, while A$2.85-million will be drawn down in each of the remaining five tranches, with three to four months minimum between them.

Meanwhile, Mustang also announced on Monday that it was offering its shareholders a one-for-five nonrenounceable rights issue to eligible shareholders on the designated record date to raise up to A$4-million at an offer price of 2.6c apiece.

Mustang chairperson Ian Daymond said the funding arrangement and the proposed entitlement issue would provide the company with the assurance of substantial capital to continue the development of its Montepuez ruby project and the ability to accelerate the advancement of the high-grade Caula graphite project. Both projects are located in Mozambique.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 
John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.174 0.211s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: