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Mustang Energy Announces Strategic Financing of up to C$3.0 Million and Engagements with Red Cloud Securities Inc. and German Mining Networks GmbH
VANCOUVER, British Columbia, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC: MECPF, FRA: 92T) (“Mustang” or the “Company”) is pleased to
About this update from Mustang Energy Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC: MECPF, FRA: 92T) (“Mustang” or the “Company”) is pleased to announce a non-brokered private placement for aggregate gross proceeds of up to C$3,000,000 from the sale of the following (together, the “Offering”): up to 8,000,000 non-flow through common shares in the capital of the Company (each, a “Share”) at a price of C$0.25 per Share for gross proceeds of up to C$2,000,000 from the sale of the Shares; and up to 3,448,276 critical flow-through common shares of the Company (each, a “FT Share”, and collectively with the Shares, the “Offered Securities”) at a price of C$0.29 per FT Share for gross proceeds of up to C$1,000,000 from the sale of FT Shares. Red Cloud Securities Inc. (“Red Cloud”) will be acting as a finder in connection with the Offering. Each FT Share will be issued as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”). The Company intends to use the 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 Tax Act and “flow through critical mineral mining expenditures” as defined in subsection 127(9) of the Tax Act, which will be renounced with an effective date no later than December 31, 2024 to the purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. The closing of the Offering is subject to receipt of all necessary regulatory approvals including the Canadian Securities Exchange (the “CSE”). Finder’s fees will be payable in accordance with applicable securities laws and the policies of the CSE. The securities issued under the Offering will be subject to a hold period ending on the date that is four months plus one day following the date of issue in accordance with applicable securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered und...