Canadian company, U92 which hopes to begin drilling for uranium here later this year, yesterday announced it was seeking to raise around CDN$8m, up from the original CDN$6m it had announced the day before.
In a release the company said that further to its announcement on July 22, 2026 of a public offering, it has filed an amended and restated preliminary short form prospectus (the “A&R Preliminary Prospectus”) with the securities regulatory authorities in each of the provinces of Canada, except Québec. The Public Offering is being conducted on a commercially reasonable efforts agency basis for the issuance of a minimum of 9,000,000 Units and an increased maximum of 17,500,000 Units (from 15,000,000 Units) at a price of $0.40 per Unit for gross proceeds between CDN$3,600,000 and CDN$7,000,000 (from CDN$6,000,000), subject to the over-allotment option described below.
In addition, the Company intends to complete a non-brokered private placement of up to 2,500,000 Units at the Offering Price for additional gross proceeds of up to CDN$1,000,000 and together with the Public Offering. Combined the Company expects to receive gross proceeds of up to CDN$8,000,000 upon completion of the Offering.
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 A&R 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.
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.
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