Canadian company U92 Energy Corp yesterday announced that it was seeking to raise CDN$6m to advance its drilling programme for uranium at Kurupung in Guyana.
A release from the company said that it had filed a preliminary short form prospectus with the securities regulatory authorities in each of the provinces of Canada, except Québec, in connection with an offering.
The offering is expected to be completed pursuant to the terms of an agency agreement to be entered into between the Company and Haywood Securities Inc., together with a syndicate of agents, the release said.
The release said that the net proceeds from the offering will be used to advance U92’s Kurupung uranium project in Guyana, for payment of deferred cash consideration for the Guyana projects and for general working capital and corporate purposes, as disclosed in the Preliminary Prospectus.
The offering is expected to close on or about August 11, 2026, or such other date as the Company and Agents may agree.
The offering would suggest that U92 does not have ready access to capital. Cdn$6m would be considered a relatively small amount in the context of mining operations here.
Kiskadee Watch on Tuesday reported that U92 said that it expected to begin drilling for uranium here in August.
The plan has brewed controversy here as environmentalists say that neither the company, nor the government or the Environmental Protection Agency (EPA) has provided any evidence of public consultations on this matter. The EPA and the Ministry of Natural Resources have remained silent on this matter despite several queries by Kiskadee Watch.
In a press release on Tuesday, U92 said that following its environmental application to the EPA in respect of its proposed phase one drill programme, as announced in the Company’s press release dated April 27, 2026, and subsequent correspondence with the EPA, the Company has submitted an environmental management plan as requested by the EPA.
“The Company has determined to proceed with completing the site infrastructure and anticipates that the phase one drill program will commence during the month of August, 2026 following receipt of the EPA’s approval of the environmental management plan”, U92 said.
Tuesday’s press release also disclosed that U92 was required to make amendments to some of its filings and this will put it on a refiling and errors list for three years.
“As a result of the filing of the corrective disclosure referenced above, the Company will be placed on the public Refilings and Errors List for a period of three years in accordance with SN 51-711”, U92 said.
The press release said that the amendments follow a review by staff of the Ontario Securities Commission of the preliminary base shelf prospectus of the Company dated June 5, 2026, and including the documents incorporated by reference therein.
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