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US fund backs ruby miner

Emerging ruby producer Mustang Resources has raised A$8.5 million (US$6.8 million) from a convertible note, which according to the ASX-listed company ensures it’s fully funded through to its first sale of stones in October.

Michael Quinn
US fund backs ruby miner

The convertible notes have a face value of $10 million and have been secured with Arena Investors, said to be a US institutional investor with US$600 million in assets under management. The A$8.5 million...

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