Pegasus Resources Inc. (TSX-V:PEGA) announced the extension of its non-brokerage private placement offering for an additional 30 days, as the company aims to raise gross proceeds of up to C$1.5 million.
The company is ramping up efforts in Utah at its Energy Sands project and the newly-acquired Jupiter asset, with plans to twin historical drill holes and identify new targets at Jupiter.
Pegasus aims to develop a comprehensive geological model and produce a resource estimate for the property, which is located near Energy Sands. Additionally, the company will conduct a gravity survey at its Pine Channel project in the Athabasca Basin to refine future drilling targets.
CEO Christian Timmins told shareholders that the team is progressing its business plan.
“We were thrilled to meet with investors in Toronto and are excited to close a second tranche in the coming weeks to enhance our treasury—enabling us to fully capitalize on the exciting developments in the uranium sector,” Timmins said in a statement.
The offering, initially disclosed in July, will allow the issuance of up to 9,375,000 units at a price of C$0.16 per unit. Each unit consists of one common share and one-half of one common share purchase warrant, with each full warrant granting the holder the right to purchase one common share at a price of C$0.20 for two years from the closing date.
At the beginning of September, Pegasus successfully closed the first tranche of the offering, raising gross proceeds of $647,640 by issuing 4,047,750 units. Director Noah Komavli subscribed for 100,000 units, while CEO Christian Timmins purchased 75,000 units.
Since launching the offering, Pegasus has welcomed the Bureau of Land Management (BLM) to its sites at Jupiter and Energy Sands to review proposed drilling locations. This visit allowed the BLM and Dahrouge Geological Consulting to finalize targeting and leverage existing infrastructure to streamline operations.
The closing of the offering is anticipated to occur by November 1.