Pegasus closes $340,354 private placement

Mar 13, 2025

2025-03-12 18:04 ET – News Release

Mr. Christian Timmins reports

PEGASUS RESOURCES SECURES KEY URANIUM ASSET WITH SUCCESSFUL PRIVATE PLACEMENT

Pegasus Resources Inc. has closed its non-brokered private placement offering announced Feb. 27, 2025, raising gross proceeds of $340,354.02. A total of 5,672,567 units of the company were issued at a price of six cents per unit.

Each unit consists of one common share and one full common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of 12 cents per common share for a period of two years from the closing date of the offering.

“We appreciate the continued confidence and support from our investors and insiders, which enables us to advance our uranium projects and take critical steps toward resource development and long-term value creation. With this financing closed, Pegasus will secure 75-per-cent ownership in the Utah uranium project Jupiter, positioning us for further expansion. Executing our maiden drill program will allow us to secure 100-per-cent ownership, further strengthening our asset base,” stated Christian Timmins, chief executive officer of Pegasus Resources. “With strong market fundamentals in the uranium sector, we remain committed to unlocking the full potential of our Energy Sands and Jupiter projects in Utah.”

All securities issued in connection with the offering are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities laws.

Finders’ fees of $15,076 in cash and 251,272 finders’ warrants were issued to eligible parties. Each finder’s warrant is non-transferable and exercisable for one common share at six cents per share for a period of two years. Finders warrants are subject to a statutory hold period of four months plus one day from the issuance date, in accordance with Canadian securities laws.

The net proceeds from the offering will be used to complete the final payment on the Jupiter uranium property, securing Pegasus a 75-per-cent ownership interest. This strategic acquisition strengthens the company’s position in the uranium sector by expanding its resource base and increasing its control over a key asset in a highly prospective region. Additionally, funds will be allocated for general working capital and corporate purposes.

The offering constitutes a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions because Insiders of the company, including Christian Timmins, Noah Komavli and Derrick Stickland, participated in the offering. Additionally, the offering included one pro-group participant. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 under sections 5.5(a) and 5.7(1)(a), as the fair market value of insider participation is below 25 per cent of the company’s market capitalization.

About Pegasus Resources Inc.

Pegasus Resources 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.

We seek Safe Harbor.

https://www.pegasusresourcesinc.com/