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Australia’s Mustang Resources Raises $4.1M to Progress Mozambique Projects
Nov 25, 2015 1:35 AM
By John Costello
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RAPAPORT... Australia’s Mustang Resources Ltd raised $4.1M (AUD 5.75
million) to progress its diamond, ruby and graphite projects as well as
accelerate the Mozambique-focused miner’s near-term growth strategy.
Bulk sampling on three “highly prospective” ruby exploration
licenses that Mustang recently acquired in the Montepuez area of northern Mozambique
will likely be fast-tracked, it said in a statement November 23. Short term
revenue prospects from selection activities are “highly encouraging.”
Mustang is “now well-funded to rapidly develop the Montepuez
ruby project,” which is “conservatively” aiming for revenues of $60 million from 12 to 15 months of sampling, chairman Ian Daymond said in the statement.
The company is “fully committed” to ongoing work at the Save
River Diamond Project and advancing exploration activities on the Balama
Graphite project, both
in the African country.
Mustang, listed on the Australian Stock Exchange, raised
funds from institutional and high net-worth investors, including $5 million
from the UK’s Lanstead Capital LP. The overall placement was at a 6 percent
premium to the shares’ 15-day volume-weighted average price.
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Tags:
Australia, finance, John Costello, mining, Mozambique, mustang resources, Mustang Resources Ltd, Rapaport News
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