Pegasus Resources Announces Non Brokered Financing

Rhea-AI Summary

Pegasus Resources Inc. (TSXV:PEGA) Announces Non-Brokered Private Placements to Raise Funds for Exploration and Operations

Positive

• The company is raising funds through non-brokered private placements to finance exploration and operational expenses, indicating a commitment to advancing its mineral properties.
• The announcement of the proposed 1,500M, 10-hole drill program in 2024 on its Saskatchewan Athabasca Basin properties reflects a proactive approach to exploration and potential resource expansion.
• The inclusion of a ground program at the Mozzie Lake property to confirm historical data and assess rare earth potential demonstrates a strategic focus on diversifying mineral exploration activities.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 10, 2023 / Pegasus Resources Inc. (TSXV:PEGA)(Frankfurt:OQS2)(OTC PINK:SLTFF) (the "Company" or "Pegasus") is pleased to announce that it has arranged a non-brokered flow through private placement of up to 5,000,000 units (the"FT Units") of the Company at a price of CDN$0.20 per Unit to raise aggregate gross proceeds of up to CDN$1,000,000 (the "FT Offering"). Each FT 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 $0.28 for a period of 24 months from the date of issuance.

The Company intends to use the gross proceeds of the FT Offering 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 proposed 1,500M, 10-hole drill program in 2024. In addition, a ground program at the Mozzie Lake property will include 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.

Additionally, the Company would like to announce that it has arranged a non-brokerage non-flow through private placement of up to 4,000,000 units (the "NFT Units") of the Company at a price of CDN$0.16 per Unit to raise aggregate gross proceeds of up to CDN$640,000 (the "NFT Offering"). Each NFT Unit consists of one common share of the Company and one share purchase warrant, entitling the holder to acquire an additional common share of the Company at a price of $0.20 for a period of 24 months from the date of issuance.

Proceeds from the NFT Offering will be used for exploration of the Company's mineral properties as well as for general operation expenses.

The common shares, share purchase warrants and shares underlying the share purchase warrants from the FT Offering and the NFT Offering will be subject to a four-month-and-one-day statutory hold period from the date of issuance. Closing of the FT Offering and NFT 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.

About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on uranium, gold, and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value.

For additional information, please visit the Company at www.pegasusresourcesinc.com.

On Behalf of the Board of Directors:
Christian Timmins
President, CEO and Director
Pegasus Resources Inc.
700 - 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-403-597-3410

X: https://twitter.com/MrChris_Timmins
X: https://twitter.com/pegasusresinc
E: info@pegasusresourcesinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Forward Looking Statements
Statements included in this announcement, including statements concerning the Company's plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements." Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

SOURCE: Pegasus Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/802289/pegasus-resources-announces-non-brokered-financing

FAQ

What is Pegasus Resources Inc. announcing?

Pegasus Resources Inc. is announcing non-brokered private placements to raise funds for exploration and operational expenses.

What are the details of the non-brokered private placements?

The company is offering up to 5,000,000 flow-through units at a price of CDN$0.20 per unit to raise up to CDN$1,000,000 and up to 4,000,000 non-flow through units at a price of CDN$0.16 per unit to raise up to CDN$640,000.

How does Pegasus Resources Inc. plan to use the proceeds from the private placements?

The gross proceeds from the flow-through offering will be used for Canadian exploration expenses and flow-through critical mineral mining expenditures, while the non-flow through offering proceeds will be used for exploration of the company's mineral properties and general operational expenses.

What are the key programs that the funds will be used for?

The funds will be used for a proposed 1,500M, 10-hole drill program in 2024 on its Saskatchewan Athabasca Basin properties and a ground program at the Mozzie Lake property for rock sampling, prospecting, and geological mapping to confirm historical data and assess rare earth potential.

What are the terms of the share purchase warrants included in the offerings?

Each unit includes share purchase warrants, entitling the holder to acquire an additional common share of the company at specified prices for a period of 24 months from the date of issuance.