Urano Energy To Acquire Pegasus Resources

(RTTNews) - Urano Energy Corp. (UECXF, UE.TO) has agreed to acquire Pegasus Resources Inc. (PEGA.V) in an all-share transaction aimed at consolidating key uranium assets in Utah's I-70 corridor.

This transaction will see the consolidation of Urano's I-70 project and Pegasus' two adjoining properties, the Energy Sands and Jupiter projects. The Jupiter and Energy Sands projects cover approximately 3900 acres of unpatented mining claims with historic underground workings, drilling, and known uranium mineralization.

Urano will purchase all outstanding Pegasus shares at an exchange ratio of 0.7 Urano units per Pegasus share. Each unit includes one Urano share and half a warrant exercisable at $0.15 for 18 months.

Upon closing, Urano shareholders will own about 86.75% of the combined company, with Pegasus shareholders holding the remainder. Pegasus CEO Christian Timmins will join the Urano board. The transaction remains subject to due diligence, regulatory approvals, and execution of a definitive agreement.