New Energy Minerals Ltd (ASX:NXE) has changed its name from Mustang Resources after receiving shareholder approval and registration by the Australian Securities and Investment Commission (ASIC).
The name change reflects the company’s focus on vanadium and graphite exploration and mining, commodities that are crucial for the rapidly-growing new energy market.
New Energy Minerals managing director Bernard Olivier said: “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’.
“[This will] 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 I production by H2-2019 and beyond.”
Following completion of the 1:10 share consolidation by October 12, Mustang will immediately initiate the process of changing the name on the ASX system.
The company will trade under the deferred settlement code of ASX:MUSDE until around October 12, or once the share consolidation is complete.
It will revert back to ASX:MUS before the new ticker symbol of ASX:NXE is implemented on or around October 15.