Tranche 2 face value reduced to $2.1 million from $4 million
Agrees Amended Terms with Arena Investors
Sydney, May 22, 2018 AEST (ABN Newswire) - Mustang Resources (
ASX:MUS) (MTTGF:OTCMKTS) is pleased to announce that it has agreed to amend the terms of the A$19.95 million investment facility from Arena Investors LP (refer to ASX Announcement dated 8 January 2018 "Mustang Secures $19.95 million funding package from leading institutional investor").
This will see the Company split Tranche 2 into two parts, thereby reducing the amount of the end-May 2018 (Tranche 2) drawdown of convertible notes from A$3.8 million (face value of A$4 million) to A$1.995 million (face value of A$2.1 million) and deferring the balance of the original Tranche 2 dawdown until later in June or July 2018. Details of the amendments are listed in Appendix A (see link below). The overall financial commitment by Arena Investors LP to the Company has not changed.
Mustang Managing Director Dr. Bernard Olivier said: "The continued strong support from Arena, a major global institutional investor managing in excess of US$750 million, is testimony to the quality of Mustang's Montepuez Ruby and Caula Vanadium-Graphite projects. The reduction in the original Tranche 2 quantum to be drawn end of May 2018 will result in less potential equity dilution for existing shareholders, but does not adversely affect the funding of the Company's planned project activities in June and July 2018."
About Arena Investors
Arena is a global investment firm and merchant capital provider that seeks to generate attractive risk-adjusted and uncorrelated returns by investing in a highly diversified portfolio across the entire credit spectrum. Based in New York City, Arena employs a team of 42 professionals and was formed in partnership with The Westaim Corporation, a publicly traded Canadian holding company focused on the financial services industry. See www.arenaco.com.
To view Appendix A, please visit:
http://abnnewswire.net/lnk/727Z13Z9
About New Energy Minerals Ltd
New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
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