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TORONTO, ONTARIO--(Marketwire - July
16, 2008) - Mustang Minerals Corp. (TSX VENTURE:MUM) (the
"Company") is pleased to announce that, further to its press
release of July 3, 2008, the Company has increased the size of its
brokered private placement with Research Capital Corporation (the
"Research Capital"), including an over allotment option, to a
total of $4,000,040 (the "Offering").
The Offering is for up to $3,000,000 of common shares of the Company
issued on a flow-through basis (the "Flow-Through Shares"). Research
Capital has agreed to act as lead agent on a best-efforts private
placement. The Offering is priced at $0.44 per Flow-Through Share. The
Company has increased the over allotment option granted to Research
Capital to $1,000,040, exercisable at any time before closing.
Proceeds from the Offering will be used by Mustang to advance the
ongoing development of its Maskwa Nickel Deposit. On closing of the
Offering, Research Capital will receive a cash commission of 7% of the
gross proceeds arising from the Offering and compensation options to
acquire common shares equal to 7% of the Flow-Through Shares sold under
the Offering. Any securities issued pursuant to the Offering will be
subject to a four month and one day hold period from closing.
All other aspects to the financing remain unchanged. The Offering is
subject to regulatory approval and the completion of definitive
documentation and is scheduled to close on or about July 17, 2008.
To find out more about Mustang Minerals Corp. (TSX-V: MUM) visit our
website at www.mustangminerals.com
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act
of 1995 and forward-looking information within the meaning of the
Securities Act (Ontario) (together, "forward-looking
statements"). Such forward-looking statements may include the
Company's plans for its mineral projects , the overall economic
potential of its properties, the availability of adequate financing and
involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements expressed or
implied by such forward-looking statements to be materially different. Such
factors include, among others, risks and uncertainties relating to
potential political risks involving the Company's operations,
uncertainty of production and costs estimates and the potential for
unexpected costs and expenses, physical risks inherent in mining
operations, currency fluctuations, fluctuations in the price of nickel
and other metals, completion of economic evaluations, changes in
project parametres as plans continue to be refined, the inability or
failure to obtain adequate financing on a timely basis, and other risks
and uncertainties, including those described in the Company's
Management Discussion and Analysis for the year ended December 31, 2007
and thereafter and Material Change Reports filed with the Canadian
Securities Administrators and available at www.sedar.com.
Shares Outstanding: 72,407,427
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the contents of this press release.
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