I sold CCM in the 1970s and this bicycle just wasn't adding up. So, I dug out my old literature, just in case I was recalling things incorrectly. I wasn't.
I don't have a 1969 bicycle catalogue, but I do have the 1969 parts catalogue which lists the bicycles on the inside cover. The Mustangs were not available in red. The only hi-rise bicycles in red were the Firebird and Charger.
Assuming the 1969 claim is on the basis of the serial number, it could also be a 1970 model manufactured in late 1969, so I checked the 1970 catalogue. The frame design is nothing like a Mustang but is the same as the Charger. Unfortunately, there are lots of other discrepancies in components and characteristics. Some of these could be accoutable to changes from 1969 to 1970, but many start showing up on 1972-1973 models, when this style frame is no longer in use. The most damaging is the rectangular head emblem, used from 1973-1976.
From what I can see it could be a 1969 frame but if so, it is probably a Charger. The configuration appears to be a frankenbike mix of NOS parts. Given the head emblem, I wouldn't even rule out a possible repaint. One thing is for sure, given my literature, it's not a mint, all OEM, 1969 CCM Mustang.