Mustang Resources (ASX: MUS) Successful In Placing Shortfall Securities

KEY TAKEAWAYS:

• Via an announcement made on 14 May 2018, Mustang Resources announced that it had been successful in placing shortfall securities on the market and raise cash by selling ordinary shares at the rate of 2.3 cents.
• This move of the company was by and large supported by shareholders wherein subscription was made not just by Australian investors but also Chinese investors, with one, in particular, subscribing for 50% of the total value.
• Dr Bernard Olivier, MD of Mustang, thanked shareholders for their unflinching support and expressed confidence that the company would soon emerge as a leader in its segment.

Mustang Resources (ASX: MUS) announced on 14 May 2018 that it had been successful in placing 21.74 million ordinary shares on the market at the rate of 2.3 cents under the Entitlement Offer. The intention was to raise $500,000 and this move was supported by investors not just in Australia but also in China, wherein subscription made by a Chinese investor accounted for as much as 50% of the total placement.

Managing Director of Mustang, Dr Bernard Olivier thanked the shareholders for their unflinching support during the placement of shortfall securities on behalf of the management and the employees of the company. He went on the reiterate that the company has been engaged in multiple exploration initiatives and several of its development projects are currently underway, both of which will enable the company to achieve its milestones over the forthcoming months.

Currently, Mustang is well-known for its Montezpuez project in Mozambique meant for producing rubies, the recent inventory of the company totalling up to 333,184 Carats. In a related development, the company relocated its sales facility from Mauritius to Chanthaburi in Thailand.

Dr Olivier expressed optimism at Mustang’s position as the sole public-listed ruby supplier and felt that the shareholders could derive good value for money. With the Caula Graphite Vanadium project, also located in Mozambique, to begin production by mid-2019, Dr Olivier feels confident that Mustang would be well-placed among its peers in terms of operational and functional abilities to lead the segment.

About Mustang Resources (ASX: MUS)

Mustang Resources Limited (ASX: MUS) is an emerging gemstone explorer and developer focused on delivering significant cash flows in the near term from the highly prospective Montepuez Ruby Project in northern Mozambique, with first rough ruby sales scheduled for October 2017.

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