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Pegasus Resources Announces C$1.5 Million Critical Mineral Exploration Tax Credit Flow Through Financing
VANCOUVER, British Columbia, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Pegasus Resources Inc. (TSX-V: PEGA; Frankfurt – OQS2, OTC/Pink Sheet symbol SLTFF) (the “Company
About this update from Pegasus Resources Inc
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Pegasus Resources Inc. (TSX-V: PEGA; Frankfurt – OQS2, OTC/Pink Sheet symbol SLTFF) (the “Company” or “Pegasus”) is pleased to announce that the Company has arranged a non-brokered flow through private placement of up to 37,500,000 units (the “Units”) of the Company at a price of CDN$0.04 per Unit to raise gross proceeds of up to CDN$1,500,000 (the “Offering”). Each Unit consists of one common share of the Company that qualifies as a flow-through share (for purposes of the Income Tax Act (Canada)) and one non-flow-through share purchase warrant, entitling the holder to acquire an additional common share of the Company at a price of $0.06 for a period of 24 months from the date of issuance. The Company intends to use the gross proceeds of the flow-through private placement to incur “Canadian exploration expenses” and “flow-through critical mineral mining expenditures” as defined in the Income Tax Act (Canada) and proposed amendments thereto on its Saskatchewan Athabasca Basin properties to conduct a ground survey this winter on Pine Channel to prioritize targets for a proposed 1,500M, 10-hole drill program in 2023. In addition, a ground program at Mozzie Lake and Wollaston properties will commence rock sampling, prospecting, and geological mapping this spring/summer. The goal of this program will be to confirm historical data and possible rare earth potential.The common shares, share purchase warrants and shares underlying the share purchase warrants will be subject to a four-month-and-one-day statutory hold period from the date of issuance. Closing of the Offering remains subject to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange (“TSXV”). The Company may pay finder’s fees as permitted by TSXV and applicable securities laws. Mozzie Lake Uranium Property The Mozzie Lake Property consists of two claim blocks situated approximately 25 and 40 km northeast of the edge of the Athabasca Basin. It is located within the Charlebois-Higgingson Lake Uranium District. Highlights: -Historical resource estimate at the 20A zone with 204,200 tons at 0.119% U308 at an average width of 15.8 feet (4.8 metres), containing 535,718 pounds of uranium*. - There are historical references to rare-earth-element (REE)- bearing minerals...