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Mustang to raise A$2.4m in private placement

13th August 2018

By: Marleny Arnoldi

Deputy Editor Online

     

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ASX-listed Mustang Resources will raise about A$2.4-million through a private placement to advance its Caula vanadium/graphite project, in Mozambique, and for general working capital.

Of this amount, A$2.18-million will be raised through the issue of about 158.6-million shares at $0.01374 apiece.

A further A$258 000 will be raised from Mustang’s management and directors. 

Settlement of the placement is expected on August 20.

The Caula project has established a Joint Ore Reserves Committee-compliant resource of 22-million tonnes at 0.37% vanadium and 13.4% graphite, for 81 600 t of vanadium and 2.93-million tonnes of graphite, respectively.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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