Stearman arranges $1.5-million private placement

Executive Summary

• Stearman Resources Inc. announced a non‑brokered private placement of up to 10 M common shares at $0.15 per share, targeting gross proceeds of up to $1.5 M.
• The company will also issue up to 16 M flow‑through common shares at $0.25 per share for gross proceeds of up to $4 M, to be used for eligible Canadian exploration expenses.
• Finder’s fees include a 6% cash component and a 6% non‑transferable warrant component (warrants exercisable at $0.50 per share for 24 months).

Key Details

• Common Share Offering: Up to 10 M shares @ $0.15 each → maximum gross proceeds $1.5 M.
• Flow‑Through Share Offering: Up to 16 M shares @ $0.25 each → maximum gross proceeds $4 M.
• Use of Proceeds (Flow‑Through): To fund eligible Canadian exploration expenses that qualify as flow‑through mining expenditures under the Canada Income Tax Act, related to Stearman’s Canadian projects.
• Finder Compensation: 6% cash finder’s fee plus 6% payable in non‑transferable warrants.
• Warrant Terms: Each warrant allows purchase of one common share at $0.50 per share; exercisable for 24 months from the closing date of each offering.
• Holding Period: All securities issued are subject to a four‑month and one‑day hold period as required by applicable securities legislation.

Notable Quotes

(No executive quotes were provided in the release.)