Purchase of Mayville Net Smelter Royalty
TORONTO, ONTARIO -- (Marketwire) -- 12/23/11 -- Mustang Minerals Corp. (TSX VENTURE: MUM)(FRANKFURT: NJF) ('Mustang' or the 'Company') today announced it has completed the initial tranches of a non-brokered private placement financing (the 'Offering'). The Company issued 17,117,433 flowthrough shares at a price of $0.12 per share for gross proceeds of $2,054,092.00. The Company has paid eligible finders fees of $162,407.36 and issued 1,355,061 broker warrants pursuant to the Offering. The Company plans additional closing of both flowthrough and non-flow through shares shortly. Western Areas NL, which currently owns over 19 % of the equity of Mustang, will subscribe for a portion of the concurrent non-flow through offering to maintain its current ownership interest. Western Areas is the third largest nickel producer in Australia.
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