The geothermal lease purchase agreements provide for Mustang to pay a total of 14 million shares of its common stock per agreements signed last month.
As a part of an on-going reorganization of Mustang’s business activity, the decision to diversify into the geothermal energy field is aligned with its long-term strategy to add shareholder value, the company said.
Mustang is in the business of discovering geothermal energy resources and building renewable energy electrical power plants, and owns a 100% interest in 15,262 acres of geothermal leases in Nevada.
