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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.
Tags: Australia, finance, John Costello, mining, Mozambique, mustang resources, Mustang Resources Ltd, Rapaport News
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