Ruby miner Mustang Resources has secured A$8.5-millin in funding from US institutional investor Arena Investors under a convertible note facility.
The financing will be drawn down in four tranches, with the first A$1.7-million received on the signing of a convertible note deed. A second tranche of A$1.7-million will be made available subject to shareholder approval of the notes, with the third and fourth tranches consisting of A$2.55-million each.