|
TORONTO, ONTARIO--(Marketwire
- July 17, 2008) - Mustang Minerals Corp. (TSX VENTURE:MUM) (the
"Company") is pleased to announce that it has completed its
previously announced brokered private placement financing of
flow-through shares (the "Offering"). Due to investor demand
the over-allotment option was increased and exercised by the Agent and
the Company realized gross proceeds of $3,881,157.
Research Capital Corporation ("Research Capital") acted as
lead agent in the Offering. A total of 8,820,812 flow-through shares
were issued at a price of $0.44 per flow-through share. The Company
paid cash commissions totaling $269,231.61 to
the agents involved in the Offering; $257,156.62 of which was paid
directly to Research Capital. In addition, compensation warrants were
granted to Research Capital to acquire common shares of the Company
equal to 7% of the number of flow-through shares issued pursuant to the
Offering (617,456 compensation warrants) exercisable at a price of
$0.44 per warrant until July 17, 2010.
The proceeds of the Offering will be used to incur Canadian Exploration
Expense and will be used to fund further exploration primarily at the Maskwa/Mayville Property in Manitoba
as well as the Company's Ontario
exploration properties.
The flow-through shares issued will be subject to a hold period of four
months and one day from date of closing.
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: 81,228,239
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the contents of this press release.
|