Three mining companies close $10.5 million private placement financing

Aero Energy Limited (TSXV: AERO), Urano Energy Corp. (CSE: UE), and Pegasus Resources Inc. (TSXV: PEGA) completed a non-brokered private placement of 26,249,999 subscription receipts at $0.40 per receipt for gross proceeds of $10.5 million, according to a company statement.

The financing supports a planned three-way merger through court-approved arrangements. The combined entity will operate under the name Manhattan Uranium Discovery Corp. and trade under the symbol MANU.

Each subscription receipt will convert into one unit of Aero, comprising one common share and one warrant. The warrants allow holders to purchase additional shares at $0.60 until March 31, 2028.

The companies incurred finder's fees of $415,498 and will issue 1,038,745 finder's warrants exercisable at $0.40 until March 31, 2028. Eventus Capital Corp. and PowerOne Capital Markets Limited served as finders for portions of the placement.

The gross proceeds are held in escrow and will be released upon satisfaction of specific conditions within 90 days of the closing date. If conditions are not met, subscription receipts will be cancelled and funds returned to holders with interest.

The combined company plans to use net proceeds for advancing uranium projects in North America, repaying Aero's $1 million bridge loan to Urano, transaction costs, and working capital.

Aero holds uranium assets in Saskatchewan's Athabasca Basin and Nevada properties. Urano operates uranium projects in the Colorado Plateau region. Pegasus focuses on the Jupiter Uranium Project in Utah.

You May Also Be Interested In

• SpaceX (SPCX) gains nearly 6% as traders follow the money
• Morgan Stanley reports China property sales rise in 50 cities
• Global debt issuance falls 16% in latest week, Goldman says