Pegasus Resources to be Acquired by Urano Energy

Pegasus Resources Inc. and Urano Energy Corp. have entered a binding letter agreement for Urano to acquire all Pegasus securities. The proposal consolidates Urano's I-70 project with Pegasus' Energy Sands and Jupiter projects, covering 3,900 acres rich in uranium resources.

The transaction will see Pegasus shareholders receive 0.7 Urano units for each Pegasus share. Post-acquisition, Urano shareholders will hold 86.75% of the company, with Pegasus holding 13.25%. Current Pegasus stock options and warrants will convert into Urano equivalents.

The closing depends on regulatory and shareholder approvals, with no expected need for Urano shareholder consent. Pegasus will nominate one director to Urano's board, maintaining a presence post-acquisition.