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Manhattan Uranium Completes Business Combinations, Creating Premier Uranium Company
Vancouver, B.C. — May 7, 2026 — Leads & Copy — Manhattan Uranium Discovery Corp. has completed its business combinations with Urano Energy Corp. and Pegasus Resources Inc., creating a premier North American pure-play uranium company. The combined entity will operate as Manhattan Uranium Discovery Corp. and trade on the TSX Venture Exchange under the ticker symbol MANU.
Manhattan acquired all common shares of Urano and Pegasus through separate court-approved plans of arrangement. The company says the consolidation creates a leading North American uranium platform with 15 past-producing uranium mines across 25 U.S. properties, totaling 25,099 acres in the Colorado Plateau region, along with exploration potential in Canada’s Athabasca Basin.
The company brings together a management, technical, and capital markets team with experience from EnCore Energy, NexGen Energy, Alpha Minerals, Union Carbide, and General Atomics. The company consolidates historical uranium resources across multiple U.S. projects, positioning it to accelerate exploration and development towards production. The company anticipates capitalizing on domestic uranium demand and the focus on energy security, with uranium designated a critical mineral by the United States Geological Survey.
According to the company, the combination strengthens the company’s market visibility and peer-group standing, potentially leading to greater investor interest, share momentum, and inclusion in uranium-focused indices and ETFs.
William Sheriff, Incoming Chairman and Director of Manhattan, said the acquisitions create a stronger platform with greater scale and visibility. He added that the combination allows the company to align its technical expertise, prioritize catalysts, and advance its portfolio as uranium becomes strategic to North American energy security.
Galen McNamara, Chief Executive Officer and Director of Manhattan, said the company is now one of North America’s pure-play uranium platforms. He added that their board and management team bring experience in uranium discovery, project advancement, and public-market execution.
Under the Urano arrangement, each Urano shareholder received 0.2 Manhattan common shares for each Urano share held, resulting in the issuance of 40,415,959 Manhattan Shares. Urano warrants will now entitle the holder to acquire 0.2 Manhattan Shares. An aggregate of approximately 1,487,315 Manhattan Shares are issuable upon the exercise of pre-existing Urano warrants.
Under the Pegasus arrangement, each Pegasus shareholder received 0.133 Manhattan common shares for each Pegasus share held, resulting in the issuance of 5,305,584 common Manhattan Shares. An aggregate of approximately 1,442,020 Manhattan Shares are issuable upon the exercise of pre-existing Pegasus warrants.
Concurrent with the completion of the Urano arrangement, the 26,249,999 subscription receipts automatically converted into units of Manhattan, resulting in the issuance of 26,249,999 common shares of Manhattan, and warrants entitling the holders to acquire an additional 26,249,999 common shares of Manhattan at an exercise price of $0.60 until March 31, 2028.
Registered shareholders of Urano and Pegasus will receive shares of Manhattan upon delivery to Computershare Trust Company of Canada of required documents. Urano is expected to be de-listed from the Canadian Securities Exchange on or about May 8, 2026. Pegasus is expected to be de-listed from the TSXV on or about May 11, 2026. Manhattan intends to submit an application to have Urano and Pegasus cease to be reporting issuers.
Upon the closing of the Arrangements, Eventus Capital Corp. was issued 250,000 units of Manhattan as consideration for financial advisory services. Each Advisory Unit is comprised of one Manhattan Share and one Manhattan share purchase warrant with each whole warrant exercisable to acquire one Manhattan Share at an exercise price of $0.60 for a period of 24 months from issuance.
Manhattan held nil common shares of Urano and Pegasus prior to the arrangements. Following completion of the arrangements, Manhattan holds all of the issued and outstanding shares of Urano and Pegasus. An early warning report will be filed by Manhattan under Urano and Pegasus’ respective SEDAR+ profiles. The civil action commenced against Manhattan in the State of Nevada by William Matlack has been fully dismissed without any payment or settlement by Manhattan. The bridge loans of $1,000,000 and $80,000 to Urano and Pegasus, respectively, shall remain in place as secured intercompany loans.
Manhattan has granted an aggregate of 6,200,000 incentive stock options to certain directors, officers and consultants of Manhattan which vest over a six month period, with each Option exercisable at a price of $0.40 to acquire one common share of Manhattan until May 7, 2031.
Manhattan Uranium Discovery Corp. is a North American uranium company committed to the discovery, development, and advancement of uranium assets. Manhattan now holds a portfolio of 15 past-producing uranium mines across 25 properties in the United States, complemented by exploration potential in Canada’s Athabasca Basin.
Urano is a mineral exploration company which holds numerous advanced conventional uranium projects hosting historic resources and mining lode claims in the Colorado Plateau.
Pegasus Resources Inc. is a Canadian uranium exploration company focused on advancing high-potential projects in the United States. Pegasus’ flagship asset, the Jupiter Uranium Project in Utah, is a drill-ready property positioned for resource expansion.
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