Toronto, Ontario (FSCwire) - Mustang Minerals Corp. (TSX-V: MUM ) (" Mustang “ or the "Company") announced that pursuant to its non-brokered private placement ( the “Financing”) announced November 27, 2017 it has closed a second tranche of $1,189,774 . The Financing will be used for general corporate purposes including activities at its highly prospective properties located in Manitoba. Mustang has now raised gross proceeds of $2,480,274 in conjunction with the current Financing
The second tranche consists of an additional 3,399,354 units at a price of $0.35 per unit for gross proceeds of $1,189,774. Each unit consists of one common share and one half common share purchase warrant exercisable at $0.45 for a period of three years from closing. Finders fees of $50,121 cash and a total of 143,202 finders warrants were paid in conjunction with the second closing. The finders warrants are exercisable for a period of three years at an exercise price of $0.45.
All securities issued in connection with the Financing subject to a statutory hold period of four (4) months and one day from the date of issuance. The Financing is subject to the final approval of the TSX Venture Exchange.
“Mustang has significant mineral resources and the largest mineral rights holding in the Bird River Sill area in southeastern Manitoba. The area is seeing substantially increased exploration activity in response to developing interest in the battery metals sector of which nickel will play a big part. The demand for nickel is anticipated to steadily improve over the coming years in response to the expected shift to EV’s (electric vehicles) ” said Robin Dunbar, President of Mustang.
About Mustang Minerals
Mustang owns the mineral rights to the Makwa Nickel Property and the Mayville Property both located in the Bird River Greenstone Belt in southeast Manitoba. The Company completed a PEA on the Makwa-Mayville Project in 2014. The Company also controls mineral rights at the East Bull Lake Property west of Sudbury prospective for PGM and the Bannockburn Nickel Property near Matachewan.
