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Mustang Resources eyes A$3M to develop Montepuez ruby project in Mozambique

Mustang ResourcesLtd. said April 28 that it has received commitments to raise approximatelyA$3 million via placement of about 75.5 million shares to professional and sophisticatedinvestors.

The placement will be completed in two tranches with approximately38 million shares issued in the first tranche using two different prices to achievea net issue price of 4 Australian cents each. Some 23,022,000 shares will be issuedat 3.4 cents each while 15,348,000 shares will be issued at 4.9 cents per share.

The remaining 37 million shares will be issued in a second trancheat 4 cents per share, subject to shareholder approval.

Hartleys Ltd. will be the lead broker for the placement.

Funds raised will principally be used to further develop thecompany's Montepuez ruby project in Mozambique, for general working capital andfor other outstanding payables.