Placement of Shortfall Securities
Placement of Shortfall Securities
Sydney, May 14, 2018 AEST (ABN Newswire) - 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

New Energy Minerals Ltd is an ASX-listed company (ASX:MUS) focused on the development of the Caula Vanadium-Graphite Project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project. In July 2018 New Energy Minerals announced a maiden vanadium mica-hosted JORC Measured Resource for Caula of 22Mt at 0.37% V2O5 for 81,600 tonnes of contained vanadium pentoxide. The Company concurrently announced a 317% increase in its JORC Graphite Resource to 21.9Mt at 13.4% Total Graphitic Carbon ("TGC") (8% cut-off), for a total of 2,933,100 tonnes of contained Graphite, all in the measured category.

The Company has a highly experienced board and management team with a 15-year track record of investment and successful project development in Mozambique and the Africa region. With the aim to become a key provider of vanadium and graphite, both key components used in battery production.

  


Contact

Managing Director:
Bernard Olivier
E: bernard@mustangresources.com.au
M: +61-4-08948-182
T: +27-66-4702-979

Media & Investor Relations:
Paul Armstrong
E: paul@readcorporate.com.au
T: +61-8-9388-1474



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