TSX VENTURE COMPANIES
BULLETIN V2025-4215
AE FUELS CORPORATION ("AEF")
[formerly Cavalry Capital Corp. ("CVY.P")]
BULLETIN TYPE: Qualifying Transaction-Completed/New Symbol, Name Change and Consolidation, Private Placement-Non-Brokered, Resume Trading
BULLETIN DATE: December 23, 2025
TSX Venture Tier 2 Company
TSX Venture Exchange Inc. (the "Exchange") has accepted for filing the Qualifying Transaction of Cavalry Capital Corp. ("Cavalry") as described in its filing statement dated December 12, 2025 (the "Filing Statement"). As a result, effective at the opening on Monday, December 29, 2025, the trading symbol for Cavalry will change from CVY.P to AEF and Cavalry will no longer be considered a Capital Pool Company. The Qualifying Transaction includes the following matters, all of which have been accepted by the Exchange.
1. Acquisition of all of the shares of Advanced Energy Fuels, Inc. ("Advanced Energy")
Pursuant to a Share Exchange Agreement dated July 17, 2025 between Cavalry and Advanced Energy (the "Share Exchange Agreement"), Cavalry has acquired all of the issued and outstanding common shares of Advanced Energy in exchange for 20,579,938 common shares of the Company issued to the shareholders of Advanced Energy on a one-for-one basis (the "Transaction"). As a result of the Transaction, Advanced Energy became a wholly-owned subsidiary of Cavalry.
Immediately prior to the completion of the Transaction, Advanced Energy exercised the option to indirectly acquire a 100% interest in the South Woodie Woodie Manganese Project located in the Pilbara Region of Western Australia, and AE Fuels Corporation issued 6,000,000 post-consolidation common shares of AE Fuels Corporation to Trek Metals Limited (ASX:TKM) ("Trek"), which when added to the 2,000,000 post-consolidation shares of AE Fuels Corporation issued to Trek pursuant to the Share Exchange Agreement, totals 8,000,000 post-consolidation shares of AE Fuels Corporation.
For more information regarding Advanced Energy, see the Filing Statement which is available under Cavalry's profile on SEDAR+.
2. Name Change and Consolidation
Pursuant to a resolution passed by directors of Cavalry on November 25, 2025, Cavalry has consolidated its capital on a (1.66) old for (1) new basis and has changed its name from Cavalry Capital Corp. to AE Fuels Corporation.
Effective at the opening on Monday, December 29, 2025, the post-consolidated common shares of AE Fuels Corporation will commence trading on TSX Venture Exchange, and the common shares of Cavalry Capital Corp. will be delisted.
AE Fuels Corporation is classified as a 'Mining' company.
Post-Consolidated Capitalization: Unlimited shares with no par value of which
41,433,479 shares are issued and outstanding
Escrow: 1,506,024 shares are subject to the CPC Escrow Agreement
13,724,934 shares are subject to a 36-month staged release escrow agreement
Transfer Agent: Computershare Investor Services Inc
Trading Symbol: AEF (new)
CUSIP Number: 001024108 (new)
3. Private Placement - Non-Brokered:
Financing Type: Non-Brokered Private Placement
Gross Proceeds: $2,740,117
Offering: 10,960,468 Listed Shares with 5,480,234 warrants attached (post-consolidation)
Offering Price: $0.25 per Listed Share (Post-Consolidation)
Warrant Exercise Terms: $0.35 per Listed Share (post-consolidation) for a two-year period
Commissions in Securities: Shares Warrants
Finders (Aggregate) 0 409,100
Commission Terms: Each non-transferable warrant is exercisable at $0.35 (post-consolidation) for a two-year period
Disclosure: Refer to the Company's news release(s) dated September 10, 2025, November 20, 2025 and December 19, 2025.
4. Resume Trading:
Effective at the opening on Monday, December 29, 2025, trading in the shares of Cavalry will resume as common shares of AE Fuels Corporation
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