Pegasus Resources Inc. (TSX-V:PEGA) told investors it has arranged a non-brokered flow-through (FT) private placement of up to 5 million units at C$0.20 each to raise aggregate gross proceeds of up to C$1 million. Each FT Unit consists of one common share that qualifies as a flow-through share and one non-flow-through share purchase warrant, entitling the holder to acquire an additional share for $0.28 for 24 months from the date of issuance.
The company said it intends to use the gross proceeds of the FT offering to incur "Canadian exploration expenses" and "flow-through critical mineral mining expenditures" on its Saskatchewan Athabasca Basin properties as it prepares for a proposed 1,500-meter, 10-hole drill program in 2024.
In addition, it said 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.
The company also announced a non-brokerage non-flow-through (NFT) private placement of up to 4 million units at C$0.16 each to raise aggregate gross proceeds of up to C$640,000. Each NFT Unit consists of one common share and one share purchase warrant, entitling the holder to acquire an additional share for $0.20 for 24 months from the date of issuance.
Proceeds from the NFT offering will be used for exploration of its mineral properties as well as for general operation expenses, Pegasus Resources said.
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