Mustang Energy Corp. (CSE: MEC) (OTC: MECPF) (FRA: 92T) is pleased to announce that, further to its news release dated February 7, 2025 and February 18, 2025, it has closed its non-brokered private placement issuing 6,275,000 units at $0.20 per Unit for gross proceeds of $1,255,000.

Each Unit consists of one common share in the capital of the Company and one Common Share purchase warrant. Each Warrant is exercisable into one Common Share at a price of $0.27 per Warrant Share until October 21, 2025.

The Company issued an aggregate of 56,000 finder’s warrants to Red Cloud Securities. The Finder’s Warrants are exercisable at $0.27 per Common Share until October 21, 2025 and are subject to a hold period until June 21, 2025.

The Company intends to use the net proceeds from the LIFE Offering for general corporate and administrative expenses, investor relations and communications, and general working capital, which may include further exploration expenditures.

The Units were sold to purchasers resident in Canada and other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions. Securities offered under the Listed Issuer Financing Exemption will not be subject to resale restrictions pursuant to applicable Canadian securities laws.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States’ persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

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 77,318 hectares in around the Athabasca Basin. Mustang’s flagship property, Ford Lake, covers 7,743 hectares in the prolific eastern Athabasca Basin, while its Cigar Lake East and Roughrider South projects span 3,442 hectares to the north and the Spur Project to the south covering 17,929 hectares. Mustang has also established its 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).