MUSTANG SECURES $8.5M FUNDING PACKAGE FROM LEADING INSTITUTIONAL INVESTOR Convertible note means Mustang is fully-funded through to first ruby sale in October minimising dilution for shareholders Highlights Arena Investors LP, a major US institutional investor with more than US$600m in assets under management, commits to invest net A$8.5m in Mustang under a convertible note facility Funds to be drawn down in four tranches with the first tranche of $1.7m (subject to conversion restrictions) to be received on signing the convertible note deed Balance will be available in three further draw-downs of A$1.7m, $2.55m & $2.55m over 18 months, subject to shareholder approval Funding arrangement ensures that Mustang is fully-financed through to its first rough ruby tender of 200,000cts planned for October 2017 Current ruby inventory of ~132,000 cts, with ongoing recovery of high quality rubies from the recently upgraded processing plant and ongoing artisanal development program
MUS Price at posting:
5.5¢ Sentiment: Buy Disclosure: Held