Ann: Mustang Secures $19.95m Funding From Institutional Investor, page-136

I agree. Arena being back in is actually quite bullish for Mustang the company. The unknown is what it means for the current shareholders.

$20 million is way more than MUS needs to raise to survive the next 12 months. The only thing a CN of this size does is protect CJ & CVW from a board spill thanks to the change of control terms in the CN.

The best way to analyse the situation is look at what maximises Arena’s return. There will be no or minimal return for them unless what MUS has is real - it is just not going to be possible to pump MUS up on the back of some tweets about big rubies enough to unload $20 million shares on market.

If I was Arena I would be wanting the new MD to stay quiet and spend up big on finding a whole lot of high quality rubies and building out a rock-solid DFS on the graphite. This would allow me to convert at a rock bottom price as all the current shareholders get bored and sell up. Once I had control of the company I would arrange a strategic sale of the assets and walk away laughing with the loot.

While such a path will maximise the returns for Arena we should be able to tag along for the ride to a certain extent. Sure we are not going to see a SP over a dollars like we should have, but we should be able to get back up to where we were a few months back. From todays SP this would be a very good return for any new shareholder.