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Revealed Dec 27, 2024 • 5 minute learn
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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
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VANCOUVER, British Columbia, Dec. 27, 2024 (GLOBE NEWSWIRE) — Mustang Power Corp. (CSE: MEC, OTC: MECPF, FRA: 92T) (“Mustang” or the “Firm”) is happy to announce that, additional to its information releases of November 25, 2024 and December 16, 2024, it has accomplished the second tranche of its non-brokered personal placement for combination gross proceeds of C$1,404,700, pursuant to which it offered the next (collectively, the “Providing”):
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- 450,000 non-flow by means of widespread shares within the capital of the Firm (every, a “Share”) at a value of C$0.25 per Share for gross proceeds of C$112,500 from the sale of the Shares; and
- 4,455,862 essential flow-through widespread shares of the Firm (every, a “FT Share”, and collectively with the Shares, the “Provided Securities”) at a value of C$0.29 per FT Share for gross proceeds of C$1,292,200 from the sale of FT Shares.
On December 16, 2024, the Firm introduced that it raised gross proceeds of $2,148,250, bringing the combination gross proceeds raised to $3,552,950 following the closing of this second tranche.
Pink Cloud Securities Inc. and Ventum Monetary Corp. acted as finders in reference to the Providing. Pink Cloud Securities Inc. obtained $90,454 and 311,910 share buy warrants (every, a “Finder’s Warrant”), and Ventum Monetary Corp. obtained $4,375 and 17,500 Finder’s Warrants. Every Finder’s Warrant is exercisable into one Share (every, a “Finder’s Warrant Share”) at a value of $0.33 per Finder’s Warrant Share till December 27, 2026.
Nicholas Luksha, the Chief Government Officer of Mustang, acknowledged “We’re happy to finish the closing of the second tranche of our personal placement financing, oversubscribed from the preliminary announcement. This extra funding offers us with sources to interact the assorted contractors required to finish our section one work plan as we endeavor to show up quite a few potential drill targets.”
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Every FT Share is issued as a “flow-through share” inside the that means of subsection 66(15) of the Earnings Tax Act (Canada) (the “Tax Act”). The Firm intends to make use of the proceeds of the Providing for the exploration of the Firm’s uranium tasks within the Athabasca Basin in Saskatchewan in addition to for normal working capital functions. The gross proceeds from the issuance of the FT Shares might be used to incur useful resource exploration bills which is able to represent “Canadian exploration bills” as outlined in subsection 66.1(6) of the Tax Act and “movement by means of essential mineral mining expenditures” as outlined in subsection 127(9) of the Tax Act, which might be renounced with an efficient date no later than December 31, 2024 to the purchasers of the FT Shares in an combination quantity not lower than the gross proceeds raised from the difficulty of the FT Shares. The utmost providing measurement of the FT Shares was elevated by roughly $1,872,700 after buyers expressed larger curiosity within the FT Shares than was beforehand anticipated by the Firm, with the entire variety of Provided Securities exceeding the utmost providing measurement disclosed by the Firm in its information launch dated November 25, 2024 by 1,178,586 widespread shares.
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The securities issued underneath the Providing are topic to a maintain interval expiring on April 28, 2025.
This information launch doesn’t represent a proposal to promote or a solicitation of a proposal to promote any of the securities in america. The securities haven’t been and won’t be registered underneath america Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities legal guidelines and might not be provided or offered inside america or to U.S. Individuals until registered underneath the U.S. Securities Act and relevant state securities legal guidelines or an exemption from such registration is on the market.
About Mustang Power Corp.
Mustang is a useful resource exploration firm targeted on buying and growing high-potential uranium and significant mineral belongings. The Firm is actively exploring its properties within the Athabasca Basin of Saskatchewan, Canada. Mustang’s flagship property, Ford Lake, covers 7,743 hectares within the prolific japanese Athabasca Basin, whereas its Cigar Lake East and Roughrider South tasks span 2,901 hectares within the Wollaston Area. Mustang has additionally established its footprint within the Cluff Lake area of the Athabasca Basin with the acquisition of the Yellowstone Mission and additional expanded its presence within the south central area of the Athabasca Basin with the Dutton Mission.
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On behalf of the board of administrators,
“Nicholas Luksha”
Nicholas Luksha
CEO and Director
For additional data, please contact:
Mustang Power Corp.
Consideration: Nicholas Luksha, CEO and Director
Cellphone: (604) 838-0184
Ahead-Trying Statements Disclaimer
This information launch contains sure statements and data that will represent forward-looking data inside the that means of relevant Canadian securities legal guidelines. Ahead-looking statements relate to future occasions or future efficiency and mirror the expectations or beliefs of administration of the Firm relating to future occasions. Typically, forward-looking statements and data may be recognized by means of forward-looking terminology reminiscent of “intends”, “believes” or “anticipates”, or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “could”, “might”, “ought to”, “would” or “happen”. This data and these statements, referred to herein as “forward-looking statements”, are usually not historic details, are made as of the date of this information launch and embrace with out limitation, statements relating to discussions of future plans, estimates and forecasts and statements as to administration’s expectations and intentions with respect to the supposed use of proceeds of the Providing. Though administration of the Firm has tried to establish vital elements that would trigger precise outcomes to vary materially from these contained in forward-looking statements or forward-looking data, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed. There may be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements and forward-looking data. Readers are cautioned that reliance on such data might not be acceptable for different functions. The Firm doesn’t undertake to replace any forward-looking assertion, forward-looking data or monetary out-look which are integrated by reference herein, besides in accordance with relevant securities legal guidelines.
Neither the CSE nor the Market Regulator (as that time period is outlined within the insurance policies of the CSE) accepts accountability for the adequacy or accuracy of this launch.
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