Changes Name to New Energy Minerals
- Following approval by shareholders on 2 October 2018 and registration by the Australian Securities and Investment Commission (ASIC), the Company's corporate name has changed to "New Energy Minerals Ltd"
- The name change reflects the Company's focus on vanadium and graphite exploration and mining, critical commodities for the rapidly growing New Energy Market.
- The Company will trade under the Deferred Settlement Code "ASX MUSDE", until around the 12th of October, or once the share consolidation is complete. After which, it will revert back to "ASX MUS", before the new ticker symbol "ASX NXE" is implemented on/around the 15th of October.
Following completion of the 1:10 share consolidation by 12 October 2018, Mustang will immediately initiate the process of changing the company's name on the Australian Securities Exchange (ASX) system with the new ticker to become "ASX NXE". The new name and ticker are expected to be active on/around 15 October 2018.
Shareholders are notified that until the share consolidation process is completed by the ASX, the Company will trade under the ASX Deferred Settlement ticker code "ASX MUSDE".
New Energy Mineral's Managing Director Bernard Olivier commented "Given the Company's rapid development of the world-class Caula Vanadium-Graphite project, we believe it to be an appropriate time to rebrand the Company to 'New Energy Minerals', to accurately emphasise our focus on the new energy market and the key commodities that make energy storage and electric vehicle transportation possible."
"We look forward to taking shareholders with us on this new journey over the next few years, as we advance the Caula project in Northern Mozambique, with a focus on progressing it to Phase 1 production by H2-2019 and beyond."
About New Energy Minerals Ltd
The Company is currently fast tracking its world-class Caula Vanadium-Graphite project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project, with first cash flows targeted for H2 of 2019 from trial mining operations. New Energy Minerals' Caula project hosts a JORC (Measured) vanadium-graphite resource of 22 Mt @ 0.37% V2O5 (0.2% cut-off) and 13.4% TGC (8% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) and 2.93 Mt of contained graphite.
New Energy minerals has a highly experienced Board of Directors, management, finance, exploration and geological team, with a 15-year track record of investment and successful project development in Mozambique and the Africa region. The Company aims to become a major provider of vanadium and graphite, both key components used in battery production.
New Energy Minerals Ltd