Pegasus Resources Increases Private Placement Offerings

Rhea-AI Summary

Pegasus Resources Inc. (TSX.V: PEGA) has applied to increase the size of its Non-Brokered Flow-Through Private Placement (NFT Offering) and the Non-Brokered Flow-Through Private Placement (FT Offering) to raise aggregate gross proceeds of up to CND$2,000,000. The company plans to use the proceeds for exploration and drilling programs on its Saskatchewan Athabasca Basin properties and Mozzie Lake property.

VANCOUVER, BC-December 07, 2023- Pegasus Resources Inc. (TSX.V: PEGA)(FRA:OQS2)(OTC PINK:SLTFF) (the "Company" or "Pegasus") is delighted to share that, in response to overwhelming interest, the Company has applied to increase the size of both the Non-Brokered Flow-Through Private Placement (NFT Offering) and the Non-Brokered Flow-Through Private Placement (FT Offering) initially disclosed on November 10, 2023 (the "Offerings").

(NFT Offering):

• Initial Offering: Up to 4,000,000 units (the "NFT Units") at a price of CDN$0.16 per Unit.
• Revised Offering: Now extended to 5,000,000 NFT Units, aiming to raise aggregate gross proceeds of up to CND$800,000. 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.

(FT Offering):

• Initial Offering: Up to 5,000,000 units (the "FT Units") at a price of CDN$0.20 per Unit.
• Expanded Offering: Now increased to 6,000,000 FT Units, with the goal of raising aggregate gross proceeds of up to CDN$1,200,000. 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.

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.

View the original press release on accesswire.com

FAQ

What is the purpose of Pegasus Resources Inc.'s (PEGA) Non-Brokered Flow-Through Private Placement (NFT Offering) and Non-Brokered Flow-Through Private Placement (FT Offering)?

The purpose is to raise aggregate gross proceeds of up to CND$2,000,000 for exploration and drilling programs on Pegasus Resources Inc.'s Saskatchewan Athabasca Basin properties and Mozzie Lake property.

What are the details of the NFT Offering?

The NFT Offering aims to raise up to CND$800,000 by offering 5,000,000 NFT Units at a price of CDN$0.16 per Unit. Each NFT Unit consists of one common share of the Company and one share purchase warrant.

What are the details of the FT Offering?

The FT Offering aims to raise up to CDN$1,200,000 by offering 6,000,000 FT Units at a price of CDN$0.20 per Unit. Each FT Unit consists of one common share of the Company that qualifies as a flow-through share and one non-flow-through share purchase warrant.

How will Pegasus Resources Inc. use the proceeds from the NFT Offering and FT Offering?

The proceeds will be used for exploration of the Company's mineral properties as well as for general operation expenses.

What are the statutory hold periods for the common shares, share purchase warrants, and shares underlying the share purchase warrants from the FT Offering and the NFT Offering?

They will be subject to a four-month-and-one-day hold period from the date of issuance.

What approvals are required for the closing of the FT Offering and NFT Offering?

Closing remains subject to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange (TSXV).

Will the Company pay finder's fees for the FT Offering and NFT Offering?

The Company may pay finder's fees as permitted by TSXV and applicable securities laws.