Mustang Energy Corp. Raises Aggregate Gross Proceeds of $3,552,950 After Closing the Second Tranche of Financing

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Or for publication in the United States

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VANCOUVER, British Columbia, Dec. 27, 2024 (GLOBE NEWSWIRE) — Mustang Energy Corporation (CSE: MEC, OTC: MECPF, FRA: 92T) (“Mustang“or”a company“) is pleased to announce that, in addition to its news releases dated November 25, 2024 and December 16, 2024, it has completed the second tranche of a non-brokered private placement for gross proceeds of C$1,404,700, pursuant to which it sold the following (together, “an offer“):

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• 450,000 non-flowing ordinary shares in the capital of the Company (each “Share“) at a price of C$0.25 per share for gross proceeds of C$112,500 from the sale of the shares; and
• 4,455,862 critical flow-through common shares of the Company (each “Share FT“, and collectively with stocks,”Securities offered“) at C$0.29 per share per foot for gross proceeds of C$1,292,200 from the sale of FT shares.

On December 16, 2024, the Company announced that it had raised gross proceeds of $2,148,250, bringing the total raised proceeds to $3,552,950 after the closing of this second tranche.

Red Cloud Securities Inc. and Ventum Financial Corp. As discoverers regarding the proposition. Red Cloud Securities Inc. on $90,454 and 311,910 stock warrants (each “Finder’s note“), and Ventum Financial Corp. received $4,375 and $17,500 Finder Warrants. Each Finder Warrant can be exercised in one share (each “”Share researcher’s note“) at a price of $0.33 per warrant share to the finder through December 27, 2026.

“We are pleased to complete the closing of the second tranche of our private placement financing, which has been oversubscribed since the initial announcement,” said Nicholas Loksha, CEO of Mustang. “This additional financing provides us with the resources necessary to engage the various contractors required to complete our Phase I business plan as we seek To demonstrate several potential drilling targets.

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Each FT Share is issued as a “flow-through share” within the meaning of subsection 66(15) of Income tax law (Canada) (“Tax law“). The Company intends to use the proceeds from the Offering to explore the Company’s uranium projects in the Athabasca Basin in Saskatchewan as well as for general working capital purposes. The gross proceeds from the issuance of FT Shares will be used to defray resource exploration expenses which will constitute “Canadian Exploration Expenditures” as defined in subsection 66.1(6) of the Tax Code and “flow through significant mineral mining expenditures” as defined in Subsection 127(9) of the Tax Code, which will be waived by an effective date not later than December 31, 2024 to purchasers of FT Shares in an aggregate amount of not less than the gross proceeds from the issue of FT Shares The maximum offering size for FT Shares has been increased by approximately US$1,872,700 after investors showed greater interest in FT Shares than previously anticipated by the Company, with an exceedance. The total number of securities offered is the maximum offering size that the company revealed in its news release on November 25, 2024 1,178,586 common shares.

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The securities issued pursuant to the offering are subject to a hold period ending on April 28, 2025.

This press release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act. US and applicable state securities laws or an exemption from such registration is available.

About Mustang Energy Company

Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and significant mineral assets. The company is actively exploring its properties in the Athabasca Basin in Saskatchewan, Canada. Mustang’s flagship, Ford Lake, covers 7,743 hectares in the prolific Eastern Athabasca Basin, while the Cigar Lake East and Roughrider South projects span 2,901 hectares in the Wollaston region. Mustang also established its footprint in the Clough Lake region of the Athabasca Basin through the acquisition of the Yellowstone Project and expanded its presence in the south-central region of the Athabasca Basin through the Dutton Project.

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On behalf of the Board of Directors,

“Nicholas Luksha”

Nicholas Loksha
CEO and Director

For more information, please contact:

Mustang Energy Company
Attn: Nicholas Loksha, CEO and Director
Phone: (604) 838-0184

Disclaimer of Forward-Looking Statements

This press release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of the company’s management with respect to future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends,” “believes,” or “expects,” or variations of such words, phrases or statements that indicate certain actions, events or results, “may,” or “may.” “could”, “should”, “might” or “occur”. Such information and statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this press release and include, without limitation, statements related to plan discussions and forward-looking estimates, projections and statements of management’s expectations and intentions regarding the intended use of proceeds from the offering Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements or forward-looking information, there may be factors. Others cause the results not to be achieved, estimated or intended. Such statements cannot be guaranteed to be accurate, and actual results and future events could and should not differ materially from those anticipated in such statements Readers may place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on this information may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statement, forward-looking information or financial projections incorporated by reference herein, except in accordance with applicable securities laws.

Neither the CSE nor its market regulator (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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