Aero Energy Closes $10.5M Financing, Plans Manhattan Uranium Merger
Aero Energy raised $10.5 million by issuing 26.25 million subscription receipts at $0.40, incurring $415,498 in finder's fees and 1,038,745 warrants exercisable at $0.40 through March 31, 2028. Proceeds will advance North American uranium projects, repay a $1 million bridge loan and fund the combined company renamed Manhattan Uranium Discovery Corp.
1. Financing Details
Aero Energy issued 26,249,999 subscription receipts at $0.40 each, raising $10.5 million gross and incurring $415,498 in finder's fees plus 1,038,745 finder's warrants exercisable at $0.40 until March 31, 2028.
2. Use of Proceeds
Net proceeds will advance the company's North American uranium project portfolio, repay a $1 million secured bridge loan to Urano Energy, cover transaction completion costs and provide working capital for the combined entity.
3. Merger and Escrow Terms
Upon satisfaction of escrow release conditions within 90 days, each subscription receipt will convert into one common share and one warrant exercisable at $0.60 until March 31, 2028, as Aero Energy merges with Urano Energy and Pegasus Resources to form Manhattan Uranium Discovery Corp trading as MANU.