Mustang Announces Closing of First Tranche of Non-Brokered Private Placement

Mustang Announces Closing of First Tranche of Non-Brokered Private Placement

Benzinga
July 9, 2025

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

VANCOUVER, British Columbia, July 09, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE:MEC, OTC:MECPF, FRA: 92T)) ("Mustang" or the "Company") is pleased to announce that, further to its news release dated June 24, 2025, it has closed an initial tranche (the "Initial Tranche") of its previously announced $3,000,000 non-brokered private placement (the "Offering"), which Initial Tranche consisted of aggregate gross proceeds of C$1,172,292.99, pursuant to which it sold the following:

1,980,000 non-flow through units in the capital of the Company (each, a "NFT Unit") at a price of C$0.14 per NFT Unit for gross proceeds of C$277,200 from the sale of the NFT Units; and

5,424,806 Flow Through Units in the capital of the Company (each, a "FT Unit") at a price of $0.165 per FT Unit for gross proceeds of $895,092.99 from the sale of the FT UnitsEach NFT Unit and FT Unit collectively refer to as the "Offered Securities").

Each NFT Unit consists of one (1) common share in the capital of the Issuer (each, a "Share") and one Share purchase warrant (each, a "Warrant") and each FT Unit consists of one 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 non-flow through Share (each, a "Warrant Share") at a price of C$0.21 for a period of 36 months following the issue date of the Offered Securities.

Nicholas Luksha, the Chief Executive Officer of Mustang, stated "We are very excited to be closing the first tranche of the financing. This capital raise provides us with resources to engage the various contractors required to complete our phase one work plan as we endeavor to prove up numerous prospective drill targets."

Each FT Share is issued as a "flow-through share" within the meaning of subsection 66(15) of the ...

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