Pegasus Resources Inc. announced a non-brokered private placement of up to 3,750,000 units at a price of CAD 0.08 per unit for gross proceeds of up to CAD 300,000 on May 5, 2023. Each unit consists of one common share and one common share purchase warrant, entitling the holder to acquire an additional common share of the Company at a price of CAD 0.12 for a period of 24 months from the date of issuance. The common shares, share purchase warrants and shares underlying the share purchase warrants will be subject to a four month and one day statutory hold period from the date of issuance.

The closing of the transaction remains subject to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange.