Media ReleasesOGI Group Ltd

View All OGI Group Ltd News


OGI Group Limited, Quarterly Activities Report for Period Ending 31 December 2014

HIGHLIGHTS
 
The Board of Directors of Mustang Resources Ltd (ASX:OGI) (“Mustang” or the “Company”) is pleased to provide shareholders with the Quarterly Activities Report for the period ending 31 December 2014 and after balance date events.
 
Corporate
 
-  The Company successfully completed a $6m equity loan issue which shareholders agreed to convert to equity at the EGM on 23 January 2015.
 
-  The Company announced that it was proceeding with a Prospectus to raise up to an additional $3.5m at 20 cents per share, the Company has secured underwriting for $1,550,000 of this raising.
 
-  The Company received approval to convert the remaining $460,000 in debt to equity which will occur following completion of the share consolidation. The remaining debt of $250,000 has been repaid.
 
-  Shareholders approved the change of nature and scale of Company’s activities.
 
-  Shareholders approved the 67:1 share consolidation.
 
-  Announcement of agreement to sell one of OGI’s US subsidiaries, Birdwood Louisiana, LLC to Grand Gulf Energy Ltd (ASX:GGE) for a total consideration of US 575,000.
 
-  As a result of the above the Company has eliminated all of its debt and will re- list debt free except for trade creditors in the ordinary course of business.
 
-  The Company has changed its name to Mustang Resources Limited and will be requoted with the ASX code: MUS.
 
 
For further information please download PDF attached:
Download this document