Mustang Energy Corp. Announces Private Placement of up to C$3.0 Million

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, June 24, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC: MECPF, FRA: 92T) (“Mustang” or the “Company”) is pleased to announce a non-brokered private placement (the “Offering”) for aggregate gross proceeds of up to C$3,000,000 from the sale of any combination of the following:

• non-flow through units of the Company (each, a “Unit”) at a price of C$0.14 per Unit;
• critical flow-through units of the Company (each, a “FT Unit”) at a price of C$0.165 per FT Unit; and
• FT Units to be sold to charitable purchasers (each, a “Charity FT Unit”, and together with the Units and FT Units, the “Offered Securities”) at a price of C$0.235 per Charity FT Unit.
  

Red Cloud Securities Inc. will be acting as a finder in connection with the Offering.

Each Unit will consist of one (1) common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each FT Unit and Charity FT Unit will consist of one Common Share to be issued as a “flow-through share” (each, a “FT Share”) within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Income Tax Act”) and one Warrant. Each Warrant will entitle the holder thereof to purchase one Common Share (each, a “Warrant Share”, and collectively with the Common Shares, FT Shares and Warrants, the “Securities”) at a price of C$0.21 for a period of 36 months following the issue date of the Offered Security.

"We’re excited to be raising additional funds to further support our fieldwork program, with the goal of drilling our initial targets by the fall," said Mustang Energy Corp. CEO, Nicholas Luksha.

The Company intends to use the net proceeds of the Offering for the exploration of 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 the FT Shares will be used to incur resource exploration expenses which will constitute “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and "flow through critical mineral mining expenditures" as defined in subsection 127(9) of the Income Tax Act, which will be renounced with an effective date no later than December 31, 2025 to the purchasers of the FT Units and Charity FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.