07:18 AM EST, 12/09/2024 (MT Newswires) -- Mustang Energy ( MECPF ) over the weekend said it completed its first milestone of the prior announced option agreement with Skyharbour Resources ( SYHBF ) , by making a cash payment of $15,000 and issuing 93,750 common shares in the capital of the company at $0.32 per share.

Pursuant to the agreement, Skyharbour agreed to grant the company an option to acquire an undivided 75% interest in Skyharbour's 914W Uranium Project, located in the Athabasca Basin of Northern Saskatchewan.

In other news, the resource exploration company added it exercised its option to increase the budget for its promotional campaign with MCS Market Communication Service GmbH by Euro 250,000, and said initial term of the engagement will conclude on March 23, 2025, with an option to extend the term by mutual agreement between the parties.

Shares of the company were up 7.5% at last close on the Canadian Securities Exchange.