U92 Energy Announces Public Offering of up to $6 Million
U92 raises up to $6m at $0.40 to fund Guyana uranium drilling and deferred payments.
U92 Energy Corp. filed a preliminary short-form prospectus in Canada, excluding Québec, to raise between $3.6 million and $6.0 million through a private placement of units. The units are priced at $0.40 each and consist of one common share and one-half of a common share purchase warrant. These warrants entitle holders to acquire one share at $0.65 per share for 48 months following issuance.
Gross proceeds from the offering will be used to advance the Kurupung uranium project in Guyana, pay deferred cash consideration for Guyana projects, and fund general working capital. Haywood Securities Inc. is acting as agent for the transaction, with closing expected on or about August 11, 2026, subject to TSX Venture Exchange approval.
U92 Energy Corp. (UTWO) is proceeding with an expected incremental financing to fund exploration activities and meet deferred payment obligations. The company priced the offering at $0.40 per share, a discount to recent trading levels of $0.43 to $0.45, which introduces near-term dilution consistent with typical small-cap financing structures.
The capital raised extends the company's runway to complete the anticipated August 2026 phase-one drill program and service the $2 million deferred payment due in July 2027. This transaction represents a standard operational step to maintain liquidity and execute the announced work program, with no material change to project fundamentals or exploration strategy.
U92 Energy Corp. is a uranium exploration company focused on the 92.2 km² Kurupung Project in the Cuyuni-Mazaruni region of Guyana. The flagship project features historical NI 43-101 resources of 10.6M lbs Indicated and 10.0M lbs Inferred U3O8 at a 0.03% cut-off grade, based on over 129,000m of historical drilling.
The company recently closed the acquisition of the complete historical technical dataset to support an updated resource estimate and an inaugural 5,000m drill program targeting underexplored zones. Jurisdiction context: Guyana is attracting major mining investments, with operating assets within 180km representing over $4B in combined investment.