Mustang Resources Limited (ASX:MUS) announced that following approval by shareholders on 2 October 2018 and registration by the Australian Securities and Investment Commission (ASIC), the Company’s corporate name has changed to “New Energy Minerals Ltd”, to reflect its focus on vanadium and graphite exploration and mining, critical commodities for the rapidly growing New Energy Market.
– Following approval by shareholders on 2 October 2018 and registration by the Australian Securities and Investment Commission (ASIC), the Company’s corporate name has changed to “New Energy Minerals Ltd”
– The name change reflects the Company’s focus on vanadium and graphite exploration and mining, critical commodities for the rapidly growing New Energy Market.
– The Company will trade under the Deferred Settlement Code “ASX MUSDE”, until around the 12th of October, or once the share consolidation is complete. After which, it will revert back to “ASX MUS”, before the new ticker symbol “ASX NXE” is implemented on/around the 15th of October.
Following completion of the 1:10 share consolidation by 12 October 2018, Mustang will immediately initiate the process of changing the company’s name on the Australian Securities Exchange (ASX) system with the new ticker to become “ASX NXE”. The new name and ticker are expected to be active on/around 15 October 2018.
Shareholders are notified that until the share consolidation process is completed by the ASX, the Company will trade under the ASX Deferred Settlement ticker code “ASX MUSDE”.
New Energy Mineral’s Managing Director Bernard Olivier commented “Given the Company’s rapid development of the world-class Caula Vanadium-Graphite project, we believe it to be an appropriate time to rebrand the Company to ‘New Energy Minerals’, to accurately emphasise our focus on the new energy market and the key commodities that make energy storage and electric vehicle transportation possible.”
“We look forward to taking shareholders with us on this new journey over the next few years, as we advance the Caula project in Northern Mozambique, with a focus on progressing it to Phase 1 production by H2-2019 and beyond.”
About Mustang Resources Ltd
New Energy Minerals Ltd is an ASX-listed company (ASX:MUS) focused on the development of the Caula Vanadium-Graphite Project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project. In July 2018 New Energy Minerals announced a maiden vanadium mica-hosted JORC Measured Resource for Caula of 22Mt at 0.37% V2O5 for 81,600 tonnes of contained vanadium pentoxide. The Company concurrently announced a 317% increase in its JORC Graphite Resource to 21.9Mt at 13.4% Total Graphitic Carbon (“TGC”) (8% cut-off), for a total of 2,933,100 tonnes of contained Graphite, all in the measured category.
The Company has a highly experienced board and management team with a 15-year track record of investment and successful project development in Mozambique and the Africa region. With the aim to become a key provider of vanadium and graphite, both key components used in battery production.