09:59:05 EDT Wed 15 May 2024
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Glorious Creation director Corcoran resigns

2024-04-05 18:08 ET - News Release

Mr. Nicholas Luksha reports

GLORIOUS ANNOUNCES GRANT OF STOCK OPTIONS, CHANGE OF DIRECTORS AND AUDIT COMMITTEE, AND TRANSACTION UPDATE

Glorious Creation Ltd. has granted an aggregate of 1.3 million incentive stock options to purchase up to 1.3 million common shares of the company to its directors and officers under its stock option plan. The options are exercisable for a period of three years from the date of grant, expiring on April 5, 2027, at a price of 30 cents per share, and vested immediately.

All options and the shares underlying such options are subject to a hold period of four months and one day from the date of issuance.

Change of directors and audit committee

The company also announces that Liam Corcoran has resigned as a director of the company and that Teresa Rzepczyk has been appointed to fill the vacancy on the board of directors. The company thanks Mr. Corcoran for his services as a director of the company and wishes him all the best in his future endeavours.

In addition and in connection with Mr. Corcoran's resignation, the company announces it has changed the composition of its audit committee. Nick Luksha has resigned from the audit committee and the company appointed Constantine Carmichel and Teresa Rzepczyk in place of Mr. Corcoran and Mr. Luksha. Further, Toby Lim was appointed as chair of the audit committee.

Transaction update

The company also provides an update with respect to its previously announced proposed transaction involving the acquisition of three separate mineral properties comprised of an aggregate of seven mineral claims, covering a total of 10,874 hectares (approximately 100 square kilometres), located in Eastern Athabasca basin of Saskatchewan from Stallion Uranium Corp.

The company is diligently advancing toward completing the transaction, which will constitute a fundamental change of Glorious as defined in Canadian Securities Exchange (CSE) Policy 8 -- Fundamental Changes and Changes of Business. Presently, the company is in the process of completing the required submissions with the CSE, including a National Instrument 43-101 -- Standards of Disclosure for Mineral Properties compliant technical report with respect to the Ford Lake project.

Upon the closing of the transaction, the company intends to undergo a name change to Mustang Energy Corp. and change its stock symbol to MEC, subject to the approval of the CSE.

Trading in the shares on the CSE was halted in connection with this news release. Trading in the shares will remain halted pending the review of the transaction by the CSE and satisfaction of any conditions of the CSE for resumption of trading. It is likely that the shares will not resume trading until the Closing.

About Glorious Creation Ltd.

Glorious is incorporated under the provisions of the Business Corporations Act (British Columbia) with its registered and head office in Vancouver, B.C. Glorious is a reporting issuer in the provinces of Ontario, British Columbia and Alberta.

We seek Safe Harbor.

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