Another confusing release by Mmin. They continue to mention Impala, to date nothing has been done, the option agreement will be a year old this August, and Mmin made clear no further dilution, but yet here it is.
Mustang Minerals Corp MMIN
Shares issued 10,667,948 Apr 12 close $1.60
Thu 13 Apr 2000 News Release
An anonymous director reports
Mustang Minerals has entered into an agreement with Loewen, Ondaatje,
McCutcheon Limited (LOM) as the lead agent to raise up to $1.8-million by
way of a private placement of 1.5 million special warrants at a price of
$1.20 per special warrant on a best efforts basis. Each special warrant
will be exchangeable for a unit consisting of one common share in the
capital of the company and one non-transferable share purchase warrant. One
such warrant will entitle the holder thereof to purchase one additional
common share at a price of $1.35 for the first year and $1.50 for a further
six months thereafter. These transactions are subject to shareholder and
regulatory approval.
Proceeds from the private placement will be used by Mustang to finance
further exploration and development of its East Bull Lake platinum group
metals (PGM) property in Northern Ontario with the balance to augment the
company's working capital.
Mustang is an exploration company focused on platinum group metals. In
addition to its 100-per-cent-owned East Bull Lake property the company has
a joint venture with Impala Platinum Holdings Limited (Implats) covering
over 23,000 acres in the River Valley intrusion. Implats can earn a
60-per-cent interest in the River Valley property by making cash payments
of $255,000 and work expenditures totalling $6.0-million. Implats, based in
Johannesburg, South Africa, is the world's second largest primary producer
of platinum group metals
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