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Pegasus Resources Announces Binding Letter Agreement to be Acquired by Urano Energy Corp
VANCOUVER, BC / ACCESS Newswire / December 2, 2025 / Pegasus Resources Inc. (TSXV: PEGA )(OTCI...
About this update from Pegasus Resources Inc
[{"type":"text","content":"Pegasus Resources Announces Binding Letter Agreement to be Acquired by Urano Energy CorpVANCOUVER, BC / ACCESS Newswire / December 2, 2025 / Pegasus Resources Inc. (TSXV:PEGA)(OTCID:SLTFF)(FSE:OQS2) (\"Pegasus\" or the \"Company\") and Urano Energy Corp. (\"Urano\") announced today that they have entered into a binding letter agreement, negotiated at arm's length and dated December 1, 2025 (the \"Letter Agreement\") in respect of a proposed business combination transaction pursuant to which Urano will acquire all of the issued and outstanding securities of Pegasus (the \"Proposed Transaction\").Transaction HighlightsThis transaction will see the consolidation of Urano's I-70 project (Urano NR October 27, 2025) and Pegasus' two adjoining properties, the Energy Sands and Jupiter projects. The Jupiter and Energy Sands projects cover approximately 3900 acres of unpatented mining claims with historic underground workings, drilling and known uranium mineralization. Of 41 surface and underground samples taken in 2024 by Pegasus, 13 returned uranium values in excess of 1.0% U3O8 with 12 of these samples returning V2O5 values ranging from 0.56 to more than 5.0% (Pegasus NR March 25, 2024). Historical drilling by Atlas Corp. on the Jupiter project has returned several intercepts containing greater than 1.0% U3O8 over a minimum of 2.5 feet within 20 feet of the surface Pegasus NR June 4, 2024). Downdip extensions of the known historic mineralization remain untested. Drill permits have been authorized for both Jupiter and Energy Sands.Summary of the Proposed TransactionPursuant to the Letter Agreement, Urano will on closing of the Proposed Transaction acquire all of the issued and outstanding Pegasus common shares (the \"Pegasus Shares\") from the Pegasus shareholders in exchange for units of Urano (each a \"Urano Unit\") on the basis of for 0.7 Urano Units for every one (1) Pegasus Share (the \"Exchange Ratio\"). Each whole Urano Unit consists of a common share (\"Urano Share\") and a half of one share purchase warrants (each whole such warrant a \"Urano Warrant\"). Each Urano Warrant entitles the holder to acquire an additional Urano Share at a price of 0.15 for a period of 18 months from the closing date of the Proposed Transaction. Based on the current capitalization of each company, and upon completion of the Proposed Transaction, the ...