Mustang Energy Corp. Provides Update on Proposed Spin Out of Ford Lake Property by way of Plan of Arrangement and Announces Share Distribution Record date of March 26, 2026
Mustang Energy Corp. Provides Update on Proposed Spin Out of Ford
Lake Property by way of Plan of Arrangement and Announces Share
Distribution Record date of March 26, 2026
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia , March 20, 2026 , Mustang Energy Corp . (CSE: MEC, OTC: MEC PF, FRA: 92T )
(“Mustang” or the “Company”) announces that, further to its News Releases of October 9, 2025 and November
27, 2025, it is proceeding to complete its previously announced plan of arrangement (the “Arrangement”) to be
effected under Part 9, Division 5 of the Business Corporations Act (British Columbia) (the “ BCBCA”) with its
wholly-owned subsidiary, Allied Strategic Resource Corp. (“Allied”).
On October 14, 2025 , the Company obtained an interim order from the British Columbia Supreme Court
(the “Court”) authorizing the Company to call a shareholder’s meeting to, among other things, approve the
Arrangement. Shareholders of the Company approved the Arrangement at a meeting held on November 14,
2025. On November 24, 2025, the Court rendered a final order approving the Arrangement.
The Company has determined March 26, 2026 to be the share distribution record date (the “Record Date”) with
respect to the Arrangement. The Arrangement is expected to be effective on March 27, 2026. Under the terms
of the Arrangement, the Company will: i) transfer all of its rights, title and interest in and to its Ford Lake property
(the “Ford Lake Property”), Roughrider South and Cigar East properties (collectively, the “ SpinCo Properties“)
located in the Athabasca Basin, Saskatchewan, Canada in exchange for 6,400,000 common shares in the capital
of Allied (the “Allied Spinout Shares”) at a deemed price of $0.05 per Allied Spinout Share , and (ii) spin-out all
of the Allied Spinout Shares received in consideration for the SpinCo Properties to Mustang’s securityholders on
a pro rata basis, and (iii) undertake a capital reorganization which will include the renaming and re-designation
of Mustang’s common shares (the “ Mustang Shares”) and the creation of a new class of common shares of
Mustang (the “New Mustang Shares”). Shareholders of Mustang at the close of business on the Record Date
will receive one New Mustang Share and such number of Allied Spinout Shares equal to one (1) multiped by the
distribution fraction, which is calculated by dividing the total number of Allied Spinout Shares by the number of
common shares of Mustang issued and outstanding prior to the effective time of the Arrangement, in exchange
for each existing Mustang Share that is held by such Mustang shareholder.
On the effective date of the Arrangement, Allied will become a separate unlisted “reporting issuer” in each of
British Columbia, Alberta, and Ontario. Upon completion of the Arrangement, Allied will own the SpinCo
Properties. The Ford Lake Property will be Allied’s material property for the purposes of National Instrument 43-
101 – Standards of Disclosure for Mineral Projects . The Company will focus on the development of its Brown
Lake, Dutton, Yellowstone, 914W, Spur, Thunderbird and Konigsstuhl projects, with a strategic emphasis on the
Yellowstone property.
The directors of Allied are Nicholas Luksha, Constantine Carmichel and Teresa Rzepczyk. Allied’s Chief Executive
Officer and President is Nicholas Luksha and its Chief Financial Officer and Secretary is Teresa Cherry.
Allied is in the process of an application to list its securities on the Canadian Securities Exchange (the “CSE”) and
has received conditional approval. The listing remains subject to Allied satisfying the remaining conditions for
final approval.
About Mustang Energy Corp.
Mustang Energy Corp. is a Canadian mineral exploration company focused on the discovery and development
of high-impact uranium and critical mineral assets. With a strategic portfolio of properties in Saskatchewan’s
Athabasca Basin and emerging projects in Newfoundland and Labrador, Mustang is positioned to capitalize
on growing global demand for nuclear fuel and essential minerals critical to the energy transition.
On behalf of the board of directors,
“Nicholas Luksha”
Nicholas Luksha
CEO and Director
For further information, please contact:
Mustang Energy Corp.
Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184
Forward-Looking Statements Disclaimer
Certain information in this news release may contain forward -looking statements that involve substantial
known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such
as “will”, “may”, “should”, “anticipate”, “exp ects” and similar expressions. All statements other than
statements of historical fact included in this news release are forward -looking statements that involve risks
and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such statements. Forward -looking
statements in this news release include, but are not limited to, statements regarding the completion of the
Arrangement as proposed, or at all, Allied being approved for listing on the CSE, and the business focus of
each of Mustang and Allied following the Arrangement. Important factors that could cause actual results to
differ materially from the Company’s expectations include unantici pated market, economic and other
conditions which may adversely affect the Company’s ability to complete the Arrangement on the terms set
out in the Arrangement Agreement with Allied, or at all, and other risks detailed from time to time in the
filings made by the Company with the securities regulatory authorities. The reader is cautioned that
assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materiall y from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the
Company. The reader is cautioned not to place undue reliance on any forward -looking information. Such
information, although considered reasonable by management at the time of preparation, may prove to be
incorrect and actual results may differ materially from those anticipated. Forward -looking statements
contained in this news release are expressly qualified by this cautionary statement. The forward -looking
statements contained in this news release are made as of the date of this news release and the Company
disclaims any intention or obligation to update or revise such information, except as required by appli cable
law.
Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts
responsibility for the adequacy or accuracy of this release.