MUS, MUSTANG RESOURCES

[blacksheep]

In Reply To: bg99's post @ Nov 2 2017, 03:11 PM

I wish I could say I have confidence ASIC will say anything, but I don't - based on past experiences. Shareholders are all too frequently left out of pocket due to inaction by those who are expected to be our market watchdog.

[bg99]

In Reply To: blacksheep's post @ Nov 2 2017, 09:30 AM

will see what ASIC has to say

[blacksheep]

In Reply To: blacksheep's post @ Nov 1 2017, 09:43 PM

Market reaction as expected - down 50 odd percent currently - went as low as 3.5c, currently 5.1c. 86.5 mil shares traded

[blacksheep]

In Reply To: bg99's post @ Nov 1 2017, 09:35 PM

It certainly is on the nose. I read the please explain where they said they had sent a fax requesting a trading halt that ASX never received.

Feel sorry for holders tomorrow when it comes out of the TH.

[bg99]

In Reply To: blacksheep's post @ Nov 1 2017, 11:04 AM

A rotten debacle, this company will never have any credibility.... might as well have put gravel out to tender.

[blacksheep]

In Reply To: blacksheep's post @ Oct 31 2017, 06:53 PM

MUS has now provided details of the auction - doesn't sound very promising - "Total sales proceeds to be received by Mustang are A$713,456 at an average price of A$24.21 per carat"
MUS currently suspended.

INAUGURAL ROUGH RUBY TENDER RESULTS
HIGHLIGHTS
• Inaugural tender process was concluded on Monday afternoon (Mauritius
time) on 30 October 2017 after three days of closed tendering
• The tender was well-attended by buying entities from around the world
• Eight Bid Schedules (comprising multiple lots) were sold from a total of
21 schedules offered
• Mustang accepted bids for 29,463 carats ranging from A$6 per carat to
A$1,944 per carat.
• Total sales proceeds to be received by Mustang are A$713,456 at an
average price of A$24.21 per carat
• Valuable feedback received from buyers on their requirements
• The final results reflected inadequate volumes in each category
• Mustang will now focus on increasing the quantity of rubies it offers
within those categories for which demand was the strongest
• The next planned plant upgrade at the Montepuez Ruby Project will be
delayed. This will reduce expenditures and enable Mustang to focus on
accumulating more rubies in each of the most desired categories ahead
of its next tender targeted for mid-2018

[blacksheep]

In Reply To: bg99's post @ Oct 31 2017, 07:12 AM

Time for the company to respond to that document and let the market know what really happened at the auction.

Meantime, have a look at this artycle - click on the vincent_pardieu instagram - https://www.instagram.com/vincent_pardieu/ - and read some of his comments.
https://stockhead.com.au/resources/mustang-...ails-live-hype/

[bg99]

In Reply To: blacksheep's post @ Oct 30 2017, 08:42 PM

Yes that makes for grim reading BS....... I think there is fat chance of the auction saving this going from that article... some serious questions will have to be answered.
If the quality of rubies and auction were on par with prices from the last Gemfields auction it would have been fine, (which they were sprouting in previous announcements) but it looks like investors have been duped. Announcements re graphite JORC resource keep getting delayed so that may end up being a farce too. I got in low.... but may lose all, probably serves me right for playing with minnows in Africa.

[blacksheep]

In Reply To: bg99's post @ Oct 30 2017, 04:42 PM

Hope the auction netted them some serious money. According to September Quarterly cash in kitty was $736k. During the Sept Quarter they spent $5.7 mil - $5.9 mil of which represented proceeds from issue of convertible notes - and estimated cash outflows for Dec Quarter are $3.9 mil - that pretty much takes care of their funding from my quick observation

Mustang Resources (ASX: MUS) has secured an A$8.5 million funding facility under an 18-month term convertible note facility (Convertible Note Deed) with a leading US institutional investor, ensuring that it is fully funded through to its upcoming maiden rough ruby tender in October 2017.

The Convertible Note Deed, with convertible notes having a face value of $10 million, has been signed with Arena Investors LP (Arena), a US based institutional investor with more than $600 million in assets under management.

[bg99]

In Reply To: blacksheep's post @ Oct 30 2017, 11:43 AM

Ooh shite ..... am not happy about this.