Mustang Energy and Allied Strategic Resource Announce Closing of Plan of Arrangement and CSE Conditional Approval for the Allied Shares

Executive Summary

• Mustang Energy Corp. and Allied Strategic Resource Corp. announced the closing of their previously disclosed Arrangement, completing the spin‑off of Allied from Mustang.
• Under the Arrangement, Mustang transferred its Ford Lake, Roughrider South, and Cigar East properties to Allied in exchange for 6,400,000 Allied shares (deemed $0.05 per share).
• Allied received conditional approval from the Canadian Securities Exchange (CSE) to list its common shares (ticker “ASR”) pending fulfillment of customary requirements.

Key Details

• The Arrangement was approved by Mustang shareholders at the November 14 2025 AGM and by the Supreme Court of British Columbia on November 24 2025.
• At closing (March 26 2026), Mustang shareholders received one New Mustang Share and approximately 0.066336253 Allied Shares for each existing Mustang Share held.
• The spin‑off transferred all ownership, rights, title, and interest in the Ford Lake Property, Roughrider South, and Cigar East properties (collectively “SpinCo Properties”) to Allied.
• Consideration: 6,400,000 Allied shares at a deemed price of $0.05 per share.
• Following closing, Allied is now an unlisted reporting issuer in British Columbia, Alberta, and Ontario, holding full rights to the SpinCo Properties.
• Conditional CSE approval means Allied’s shares are expected to trade under ticker “ASR” once final documentation is submitted and approved; an update on the anticipated commencement date will be provided later.
• References to prior Mustang news releases (Oct 9 2025, Nov 27 2025, Mar 20 2026) and the management information circular filed on SEDAR+ (Oct 24 2025) for additional Arrangement details.

Notable Quotes

“The successful completion of the Arrangement positions both Mustang and Allied to focus on their respective strategic priorities and unlock value for our shareholders.” – Nicholas Luksha, CEO and Director, Mustang Energy Corp.