Mustang sets spinout share distribution record date

Executive Summary

• Mustang Energy Corp. is proceeding with the completion of a previously announced plan of arrangement to spin out its Ford Lake, Roughrider South, and Cigar East properties (collectively, the "SpinCo properties") into a new subsidiary, Allied Strategic Resource Corp.
• The transaction involves transferring the SpinCo properties to Allied in exchange for 6.4 million common shares of Allied, which will then be distributed pro rata to Mustang shareholders.
• Allied Strategic Resource Corp. will become a separate unlisted reporting issuer and is in the process of applying for listing on the Canadian Securities Exchange (CSE), having received conditional approval.

Key Details

• Transaction Structure: The arrangement is effected under Part 9, Division 5, of the BCBCA. It was approved by shareholders on Nov. 14, 2025, and received a final court order on Nov. 24, 2025.
• Record Date: March 26, 2026.
• Effective Date: Expected to be March 27, 2026.
• Asset Transfer: Mustang transfers all rights, title, and interest in the Ford Lake, Roughrider South, and Cigar East properties (located in the Athabasca basin, Saskatchewan) to Allied.
• Consideration: Mustang receives 6.4 million common shares in Allied at a deemed price of $0.05 per share.
• Shareholder Distribution: Mustang shareholders will receive:
  • One new Mustang share (following capital reorganization/rename).
  • A pro rata number of Allied spinout shares calculated by dividing the total Allied shares by the number of Mustang shares outstanding prior to the effective time.
• Post-Transaction Focus: Mustang 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.
• Allied Status: Allied will own the SpinCo properties. Ford Lake will be Allied's material property for NI 43-101 purposes. Allied is applying to list on the CSE and has received conditional approval.
• Allied Management:
  • Directors: Nicholas Luksha, Constantine Carmichel, Teresa Rzepczyk.
  • CEO/President: Nicholas Luksha.
  • CFO/Secretary: Teresa Cherry.

Notable Quotes

• None explicitly quoted in the text.