Mustang Resources Ltd.: Placement of Shortfall Securities
Sydney - Mustang Resources Ltd. (ASX:MUS) (OTCMKTS:MTTGF) is pleased to announce that it has placed 21.74 million fully paid ordinary shares at 2.3 cents to raise $500,000 before costs under the recently completed Entitlement Offer.The placement was supported by sophisticated and professional investors in Australia and overseas, with one Chinese investor subscribing for approximately 50% of the placement.
DJ Carmichael Pty Ltd acted as Lead Manager for the Placement.
About Mustang Resources Ltd:
Listed on the Australian Securities Exchange, Mustang Resources Ltd. (ASX:MUS) (FRA:GGY) is an emerging gemstone developer and producer focused on the near-term development of the highly prospective Montepuez Ruby Project in northern Mozambique.
The Montepuez Ruby Project consists of three licences and now one mining concession covering 19,300 hectares directly adjacent to the world’s largest ruby deposit discovered by Gemfields Plc in 2012. Since supply of rubies from sources outside Mozambique has become fractured and unreliable, Mustang stands to capitalise on the current high demand around the world for ethically produced rubies by becoming a reliable, consistent supplier of high-quality rubies.
The Company is currently fast-tracking its work program on the Montepuez Ruby Project with extensive secondary deposits discovered and low-cost bulk sampling well underway. First rough ruby sales are scheduled for 27 to 30 October 2017 in Port Louis, Republic of Mauritius under a closed bid tender of more than 350,000 cts gem quality rubies.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
Contact:
Mustang Resources Ltd.
Managing Director: Bernard Olivier
E: bernard@mustangresources.com.au
M: +61-4-08948-182
T: +27-66-4702-979
Media & Investor Relations
Paul Armstrong
paul@readcorporate.com.au
T: +61-8-9388-1474