Mr. Nicholas Luksha reports
2024-09-09 17:39 ET - News Release
MUSTANG ENERGY CORP. SIGNS PURCHASE AND SALE AGREEMENT TO ACQUIRE MINERAL CLAIMS
Mustang Energy Corp., on Sept. 6, 2024, entered into a binding purchase and sale agreement with two private arm's-length parties, Proton Uranium Ltd. and Electron Uranium Ltd. Pursuant to the purchase agreement, the company will acquire a 100-per-cent undivided interest in seven mineral claims, covering a total of 25,000 hectares, located in the Cluff Lake region of the Athabasca basin of Saskatchewan. Closing of the transaction remains subject to, without limitation, receiving all necessary consents and approvals, including the approval of the Canadian Securities Exchange, as well as satisfaction of customary closing conditions. Mustang expects to complete the transaction by Sept. 15, 2024.
About the Mineral property in the Cluff Lake region of the Athabasca basin
The 100-per-cent acquisition from Proton and Electron marks an exciting milestone in the Cluff Lake region of the Athabasca basin, with the newly secured land package spanning over 25,000 hectares (250 square kilometres). This prime positioning highlights the potential of the Cluff Lake properties, nestled within one of the world's most prolific uranium-producing areas. The extensive land package underscores the exploration potential and the opportunity to tap into high-grade uranium resources in a region renowned for its rich deposits.
Nicholas Luksha, chief executive officer of Mustang Energy, stated: "We are thrilled about this acquisition, as it strengthens our foothold in the Athabasca basin, with the addition of the Cluff projects. With these seven mineral claims spanning over 25,000 hectares and two additional claims which we have recently staked spanning over 5,000 hectares, we are strategically positioned for growth. This acquisition aligns with our commitment to expanding our exploration efforts and delivering exceptional value to our shareholders. The company is in a strong position with cash of $1.4-million and no debt."
The transaction
Pursuant to the purchase agreement, Mustang has agreed to purchase the Mineral property in exchange for issuing an aggregate of 12 million common shares in the capital of the company at a deemed price of 25.5 cents per share, to be divided equally between the vendors. The shares will be subject to a hold period of four months and one day from the date of closing. The vendors have agreed to enter into a pooling agreement for a period of 12 months with respect to the shares, on terms and conditions to be mutually agreed upon by the parties on or prior to the closing. A copy of the purchase agreement is filed under the company's profile on SEDAR+.
The company also announces that Toby Lim has resigned as a director of the company effective immediately. The company wishes to thank Mr. Lim for his services as a director of the company and wishes him the best in his future endeavours.
About Mustang Energy Corp.
Mustang is a mineral exploration and development company focused on uranium mineral projects. Mustang intends to conduct exploration for uranium on its properties located in the eastern Athabasca basin of Saskatchewan, Canada, and, in particular, the Ford Lake property. The Ford Lake property consists of three claims covering an area of 7,431 hectares in the prolific eastern Athabasca basin near the margin of the Mudjatik and Wollaston domains. The Cigar Lake East and Roughrider South projects consist of four claims covering a total area of 3,443 hectares in the Wollaston domain.
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