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VANCOUVER, British Columbia, March 27, 2026 (GLOBE NEWSWIRE) — Mustang Energy Corp. (CSE: MEC, OTC: MECPF, FSA: 92T0) (“Mustang” or the “Company”) and Allied Strategic Resource Corp. (“Allied”) announces that, further to Mustang’s News Releases of October 9, 2025, November 27, 2025 and March 20, 2026, the previously announced plan of arrangement (the “Arrangement”) involving the spin-off of Allied from Mustang, closed today. In addition, Allied has received conditional approval from the Canadian Securities Exchange (the “CSE”) for the listing of its common shares (the “Allied Shares”) on the CSE, subject to satisfying customary requirements of the CSE, including receipt of all required documentation.
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The Arrangement
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The Arrangement was approved by the shareholders (the “Shareholders”) of Mustang’s common shares at an annual general and special meeting held on November 14, 2025 and by the Supreme Court of British Columbia in its final order dated November 24, 2025.
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The Arrangement included a transfer all Mustang’s ownership and rights, title and interest in and to its Ford Lake property (the “Ford Lake Property”), Roughrider South and Cigar East properties (collectively, the “SpinCo Properties”) located in the Athabasca Basin, Saskatchewan, Canada to Allied in consideration of 6,400,000 Allied Shares at a deemed price of $0.05 per Allied Share. In addition, the Company completed a capital reorganization which included the renaming and re-designation of Mustang’s common shares (the “Mustang Shares”) and the creation of a new class of common shares of Mustang (the “New Mustang Shares”). The Shareholders at the close of business on March 26, 2026 received one New Mustang Share and approximately 0.066336253 of an Allied Share in exchange for each existing Mustang Share that was held by such Shareholder.
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Following the closing of the Arrangement, Allied is now a separate unlisted “reporting issuer” in each of British Columbia, Alberta, and Ontario. Allied now holds all rights, title and interests in and to the SpinCo Properties.
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For additional details regarding the Arrangement, see Mustang’s management information circular as filed on Mustang’s profile on SEDAR+ on October 24, 2025, and Mustang’s news releases dated October 9, 2025, November 27, 2025 and March 20, 2026.
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CSE Listing for Allied Shares
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Allied has received conditional approval from the CSE for the listing of the Allied Shares on the CSE, subject to customary requirements of the CSE, including receipt of all required documentation. Upon listing on the CSE, it is expected that the Allied Shares will trade under the ticker symbol “ASR”. Allied will provide an additional update once it receives final approval from the CSE for the listing of the Allied Shares. The update will include the anticipated commencement date for trading of the Allied Shares on the CSE.
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About Mustang Energy Corp.
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Mustang Energy Corp. is a Canadian mineral exploration company focused on the discovery and development of high-impact uranium and critical mineral assets. With a strategic portfolio of properties in Saskatchewan’s Athabasca Basin and emerging projects in Newfoundland and Labrador, Mustang is positioned to capitalize on growing global demand for nuclear fuel and essential minerals critical to the energy transition.
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