Mustang raises funds to advance Moz works
PERTH (miningweekly.com) – ASX-listed Mustang Resources is hoping to raise nearly A$6-million through a share placement and converting loan to fast-track its graphite, diamond and ruby assets.
The company reported on Monday that nearly 30-million shares would be issued, at a price of 20c each, to raise the capital. Some 25-million of these shares would be issued to UK-based institutional investor, Lanstead Capital.
Mustang chairperson Ian Daymond told shareholders that the company was pleased with the outcome of the capital raising.
“With the additional capital raised through converting loans Mustang is now well funded to rapidly develop the Montequez ruby project, which is conservatively targeting revenues of $60-million from a 12- to 15-month bulk sampling programme.”
Mustang in October this year acquired the Montepuez project, in Mozambique, for an initial $1.5-million. A further $2-million payment, payable in performance rights, would be made on the recovery of 500 ct of rubies, while a further $2.5-million would be payable, of which $750 000 would be in cash on the recovery of 10 000 ct of rubies.
On the recovery of 50 000 ct of rubies, a further $3-million would be payable, of which $2-million would be paid in cash and the balance settled in performance rights.
Daymond said funds raised would also be used for working capital on the exploration and further bulk sampling of the Save River diamond project, as well as for further exploration and drilling work at the Balama graphite project. Both projects are located in Mozambique.
“Investor interest in Mustang continues to grow and we remain in discussions with other potential cornerstone investors that could provide further funding to advance our precious gemstone and graphite projects,” he added.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
