Mustang Resources Ltd (ASX:MUS) has placed 21.74 million shortfall shares priced at 2.3 cents to raise $0.5 million in additional funding.
During March, Mustang secured $2.45 million in funding through a rights issue.
Shareholders subscribed for 106.8 million shares priced at 2.3 cents.
READ: Mustang Resources secures $2.45 million from rights issue, multiple catalysts upcoming
As well as developing the Montepuez Ruby Project in Mozambique, funding will also be used to fast-track the Caula Graphite and Vanadium Project also in Mozambique.
READ: Mustang Resources one of closest vanadium-graphite developers to achieving cash flows
Mustang is targeting first phase production of vanadium and graphite from its Caula project in Mozambique in the first half of 2019.
This makes Mustang one of the closest vanadium-graphite developers to achieving actual cash flows.