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Mustang Energy Corp. Agrees to Acquire Nucleus Uranium Ltd.

by GlobeNewswire
May 5, 2025
in Top News
Reading Time: 3 mins read

VANCOUVER, British Columbia, May 05, 2025 (GLOBE NEWSWIRE) — Mustang Energy Corp. (CSE: MEC, OTC: MECPF, FRA: 92T) (the “Company” or “Mustang”) is pleased to announce that it has entered into a share exchange agreement dated May 5, 2025 (the “Agreement”) with Nucleus Uranium Ltd. (“Nucleus”), an arm’s length British Columbia-based uranium company and Golden Mile Resources Corp. (the “Shareholder”), the sole shareholder of Nucleus, pursuant to which the Company will acquire all of the issued and outstanding common shares (each, a “Nucleus Share”) of Nucleus (the “Acquisition”). Nucleus is the sole registered and beneficial owner of the Nucleus Saskatchewan project, which consists of six mineral claims covering approximately 18,571 hectares in the Athabasca Basin, Saskatchewan (the “Nucleus Project”).

Acquisition Terms

Pursuant to the Agreement, the Company has agreed to acquire all of the outstanding Nucleus Shares from the Shareholder in consideration for the issuance of an aggregate of 9,000,000 common shares (each, a “Consideration Share”) in the capital of the Company at a deemed price of $0.26 per Consideration Share to the Shareholder, or certain designees of the Shareholder, such that, immediately following the closing of the Acquisition, all of the issued and outstanding Nucleus Shares will be owned by the Company and Nucleus will become a wholly-owned subsidiary of the Company.

There is no change of control of the Company expected to occur as a result of the Acquisition.

The completion of the Acquisition is subject to the satisfaction of various conditions as are standard for a transaction of this nature, including, but not limited to: (i) receipt of all requisite consents, waivers and approvals for the Acquisition, including the approval of the CSE; (ii) the absence of any material adverse change in the business, affairs or operations of Nucleus; and (iii) other customary closing deliverables for a transaction of this nature. The parties anticipate completing the Acquisition by May 26, 2025.

About Mustang Energy Corp.:

Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company is actively exploring its properties in Northern Saskatchewan, Canada and holds 92,211 hectares in around the Athabasca Basin. Mustang’s Ford Lake project covers 7,743 hectares in the prolific eastern Athabasca Basin, while its Cigar Lake East and Roughrider South projects span 3,442 hectares, and the south-east region with the Spur Project (17,929 hectares). Mustang has also established a footprint in the Cluff Lake region of the Athabasca Basin with the Yellowstone Project (21,820 hectares) and further expanded its presence in the south-central region of the Athabasca Basin with the Dutton Project (7,633 hectares).

For further information, please contact:

Mustang Energy Corp.

Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184

Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “anticipates”, “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed”, “positioned” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements, including but not limited to the closing of this Acquisition and, in connection therewith, the requisite approvals with respect to the Acquisition, including that of the CSE; the completion of such other conditions to be satisfied for completion of the Acquisition; and the prospective nature of the Nucleus Property for uranium. Various assumptions were used in drawing the conclusions or making the predictions contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management of Nucleus at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company and Nucleus are under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

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GlobeNewswire
GlobeNewswire
GlobeNewswire,is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
GlobeNewswire
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