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Pegasus Resources ( (TSE:PEGA) ) has provided an announcement.
Pegasus Resources Inc. has entered into a binding letter agreement to be acquired by Urano Energy Corp. in a transaction that will consolidate Urano’s I-70 project with Pegasus’ Energy Sands and Jupiter projects. This acquisition will result in Urano shareholders holding approximately 86.75% of the combined entity, while Pegasus shareholders will hold 13.25%. The transaction is subject to customary closing conditions and regulatory approvals, and it includes provisions for Pegasus to nominate one director to Urano’s board. The consolidation is expected to enhance Urano’s position in the uranium market by combining significant uranium assets.
More about Pegasus Resources
Pegasus Resources Inc. operates in the mining industry, focusing on uranium exploration and development. The company holds significant projects such as the Energy Sands and Jupiter projects, which cover approximately 3900 acres of unpatented mining claims with historic underground workings and known uranium mineralization.
Average Trading Volume: 96,887
Technical Sentiment Signal: Sell
Current Market Cap: C$2.51M
Learn more about PEGA stock on TipRanks’ Stock Analysis page.