Canadian firm eyes multimillion funding to advance uranium project in Guyana

Aug 11, 2026 News

…eyes EPA approval this month

(Kaieteur News) – Canada-based U92 Energy Corp. is set to raise up to C$7 million in public offerings and C$1.5 million in non-brokered private placement, to advance its Kurupung Uranium Project located in Region Seven (Cuyuni-Mazaruni), as the company anticipates the Environmental Protection Agency (EPA) will approve its drill programme this month.

For those unfamiliar, a public offering is when a company sells stocks or bonds to the general public to raise money and a non-brokered private placement is a method where a company sells stocks, bonds, or units directly to selected private or institutional investors without hiring an investment bank or broker to manage the offering.

Canadian firm eyes multimillion funding to advance uranium project in Guyana

Map showing the location of the boundary of the two PLs that constitute the Project shown on a digital elevation model of topography.

The Toronto-based uranium explorer listed on the TSX Venture Exchange announced on 7^th August that it had filed its final short form prospectus in connection with the public offering announced last month.

U92 has entered into an agency agreement with Haywood Securities Inc. and Jett Capital Advisors, LLC, as co-lead agents, and Ventum Financial Corp. (collectively agents) in respect to the public offering.

The Final Prospectus qualifies the distribution of a minimum of 10,000,000 Units and a maximum of 17,500,000 Units at a price of $0.40 per Unit for gross proceeds between $4,000,000 and $7,000,000, and up to an additional 3,750,000 Units at the offering Price pursuant to the over-allotment option granted to the aforementioned agents. In addition, the company also increased its previously announced non-brokered private placement to up to 3,750,000 Units from 2,500,000 Units at the offering Price for to raise an additional $1,500,000 non-Brokered Offering.

“The net proceeds from the offering will be used to advance U92’s Kurupung uranium project in Guyana, for payment of deferred cash consideration for the Guyana projects and for general working capital and corporate purposes, as disclosed in the Final Prospectus,” U92 said.

The Kurupung Uranium Project spans approximately 92.2 square kilometres and carries a historical resource estimate of 20.6 million pounds of uranium.

U92 Energy acquired the project earlier this year through the acquisition of LIA Industries Pte. Ltd., a Singaporean company. In a recent corporate update, U92 said it had subsequent correspondence with the EPA and submitted an environmental management plan as requested by the agency.

“The company has determined to proceed with completing the site infrastructure and anticipates that the phase one drill program will commence during the month of August, 2026 following receipt of the EPA’s approval of the environmental management plan,” U92 said.

Since taking control of the asset, U92 has finalised a commercial agreement with Orbit Garant for a phase one 5,000-metre diamond drilling programme and acquired the project’s historical exploration data.

The diamond drill rig assigned to U92 is already in Guyana to commence phase one drilling on high-priority targets at the project. The company has also already sourced key machineries to support access road upgrades and drill pad construction.

Kaieteur News reported that LIA Industries local subsidiary, LIA (Guyana) Inc. was incorporated in Guyana on 20^th March, 2023, and holds exclusive rights to occupy and explore the property under two Prospecting Licenses issued by the Guyana Geology & Mines Commission (GGMC) on 19^th April,2024. The licences permit exploration of uranium, other radioactive minerals, and rare earth elements for three years, ending 18^th April, 2027, with an option to extend for up to two additional one-year periods through 18^th April, 2029.

Moreover, there have been concerns over the proposed uranium project from civil society and politicians. In fact, the Amerindian People’s Association (APA) has called for the project to be halted, citing the absence of public and community-level consultations and a lack of information about the project.

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Kurupung uranium project, U92 Energy Corp., Uranium, Uranium mining

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