Mustang Energy closes Allied spinoff, CSE OKs listing

Executive Summary

• Mustang Energy Corp. has officially closed the previously announced plan of arrangement to spin off Allied Strategic Resource Corp.
• Allied Strategic Resource Corp. has received conditional approval from the Canadian Securities Exchange (CSE) for the listing of its common shares, expected to trade under the ticker symbol ASR.
• The transaction involved the transfer of specific uranium properties (Ford Lake, Roughrider South, and Cigar East) from Mustang to Allied in exchange for share issuance and a capital reorganization for existing Mustang shareholders.

Key Details

• Transaction Closing: The plan of arrangement closed on the date of the release (March 20, 2026), following shareholder approval on Nov. 14, 2025, and final court order from the Supreme Court of British Columbia on Nov. 24, 2025.
• Asset Transfer: Mustang transferred all ownership, rights, title, and interest in the Ford Lake, Roughrider South, and Cigar East properties (collectively, the "SpinCo properties") located in the Athabasca basin, Saskatchewan, to Allied.
• Consideration for Assets: The transfer was made in consideration for 6.4 million Allied shares, calculated at a deemed price of $0.05 per Allied share.
• Shareholder Exchange Ratio: Existing Mustang shareholders received one new Mustang share and approximately 0.066336253 of an Allied share for each existing Mustang share held, as of the close of business on March 26, 2026.
• Capital Reorganization: The arrangement included a capital reorganization involving the renaming and redesignation of Mustang's common shares and the creation of a new class of common shares for Mustang.
• Listing Status: Allied is now a separate unlisted reporting issuer in British Columbia, Alberta, and Ontario. It holds all rights to the SpinCo properties.
• CSE Approval: Allied received conditional CSE listing approval subject to customary requirements, including receipt of all required documentation. Final approval and the specific trading commencement date will be announced once received.

Notable Quotes

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