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.
- 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.
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