U92 Energy Closes $1.5 Million Private Placement
U92 raises $9.5m to fund uranium drilling in Guyana and settle acquisition liabilities.
U92 Energy Corp. announced the closing of a non-brokered private placement, raising $1.5 million in gross proceeds. The offering consisted of 3,750,000 units priced at $0.40 per unit. Each unit contains one common share and one-half of one common share purchase warrant. Warrant terms allow exercise at $0.65 per share until August 27, 2030. Additionally, 225,000 finder warrants were issued at $0.40 per share, exercisable until August 27, 2028.
Net proceeds are designated for advancing the Kurupung uranium project in Guyana, paying deferred cash consideration for the Guyana projects, and general working capital. This closing follows the $8.05 million brokered public offering that closed on August 12, 2026. Combined, the two August financings raise approximately $9.55 million to support exploration activities and clear acquisition liabilities.
U92 Energy Corp. (UTWO) closed a $1.5 million private placement, fulfilling a previously announced capital raise plan. The transaction provides the necessary liquidity to execute an upcoming 5,000-metre drill program and settle deferred acquisition payments. The prospectus for the offering was filed in early August, and the pricing and terms were consistent with the concurrent public offering.
Dilution from the offering is already reflected in the share price and market capitalization. Management stated that the use of proceeds directly addresses the company's need to fund the Kurupung project and clear historical acquisition obligations, thereby improving the balance sheet's operational runway.
U92 Energy Corp. (formerly Sprock-it Acquisitions Ltd.) completed a reverse takeover and qualifying transaction in January 2026, continuing to Ontario and trading under the ticker UTWO on the TSX Venture Exchange. The company is a pre-revenue, exploration-stage uranium company focused on the Kurupung Uranium Project in Guyana.
The project covers a 92.2 km² land package within the Aricheng batholith, a well-established shear-hosted uranium district. Historical mineral resource estimates (not current resources) report 10.6 million pounds Indicated and 10.0 million pounds Inferred U₃O₈ at a 0.03% cut-off grade. The company has secured the complete historical technical and exploration dataset, including over 129,000 metres of historical drilling, to support an updated geological model and resource estimate.
Management is targeting an inaugural 5,000-metre diamond drill program in August/September 2026, followed by a pit-constrained updated mineral resource estimate in H2 2026.