Aero Energy, Urano Energy and Pegasus Resources Announce Combination to Create a Premier North American Uranium Explorer & Developer and Up to $6 Million Non-Brokered Financing
Pegasus merges into Manhattan Uranium Discovery Corp to consolidate high-grade Utah assets under world-class discovery team.
The most recent news (March 02, 2026) announces a three-way merger between Pegasus Resources, Aero Energy, and Urano Energy to form "Manhattan Uranium Discovery Corp." This follows a previous binding agreement from December 2025 where Urano was to acquire Pegasus. The new entity will be led by Galen McNamara (former Senior Geologist at NexGen Energy, involved in the Arrow discovery). The merger consolidates 15 past-producing mines and 25 properties in the U.S., specifically uniting the I-70, Energy Sands, and Jupiter projects in Utah. Concurrent with the merger, a non-brokered financing of up to $6 million is being launched.
The impact is Material - Positive. - Strategic Consolidation: Pegasus was a micro-cap struggling with liquidity (only $54k cash as of Nov 2025). This merger provides a "clean slate" and attaches Pegasus's Utah assets to a much stronger management team with a proven track record of major uranium discoveries (Arrow, Triple-R). - Synergy: The merger unites the I-70 project (Urano) with the adjoining Energy Sands and Jupiter projects (Pegasus), creating a contiguous, district-scale land package in Utah. - Capital Infusion: The $6M financing addresses the chronic "going concern" risk identified in Pegasus's historical financials. - Valuation: Pegasus shareholders will receive 0.7 units of the new entity for each share held. Given the management's pedigree, the new entity is likely to command a significantly higher market premium than Pegasus could achieve alone.
Pegasus is a junior explorer focused on uranium in the United States. - Flagship Project: The Jupiter and Energy Sands projects in Emery County, Utah. These projects feature historical high-grade intercepts (>1.0% U3O8) and are located in a district known for past production. - Status: Drill-ready and permitted. Pegasus recently secured 75% ownership of Jupiter (March 2025).