Stearman Resources Announces Final Tranche Closing Of Private Placement And Director Appointment

Executive Summary

• Stearman Resources closed the final tranche of its private placement, raising a total of $2,122,999.40 ($698,000 from FT Units and $479,999.40 from NFT Units, plus additional proceeds previously raised).
• The financing fully funds the Murphy Lake spring drill program and provides capital for exploration at Zoo Bay and NeoCore in 2026.
• Director James Place resigned; Tyler Thorburn was appointed to the board effective immediately.

Key Details

• FT Units: 3,490,000 units @ $0.20 each → $698,000 gross proceeds. Each unit = 1 flow‑through common share + ½ warrant (full warrant allows purchase of one share at $0.30 for 24 months).
• NFT Units: 3,199,996 units @ $0.15 each → $479,999.40 gross proceeds. Each unit = 1 common share + ½ warrant (same exercise terms as FT warrants).
• Total Aggregate Proceeds: $2,122,999.40 (including prior tranche amounts of $1,979,999.40 from NFT Units and $2,123,000 from FT Units).
• Finder’s Compensation: Cash fees of $26,880 plus issuance of 134,400 finder’s warrants (exercise price $0.30, 24‑month term).
• Statutory Hold Period: All securities subject to a 4‑month + 1‑day hold period under Canadian securities law.
• Use of Proceeds: Funds will be used to incur qualifying Canadian exploration expenses for the Murphy Lake spring drill program and to advance exploration at Zoo Bay and NeoCore properties.
• Board Change: James Place resigned as director; Tyler Thorburn appointed effective immediately. Thorburn brings extensive resource‑exploration experience and is currently President & CEO of Total Metals Corp.

Notable Quotes

“With completion of this final tranche we are fully funded for our Murphy Lake spring drill program, and the additional capital supports disciplined advancement of our exploration programs at both Zoo Bay and NeoCore in the new year,” – Lester Esteban, CEO, Stearman Resources Inc.

“We are also pleased to welcome Tyler Thorburn to the board; his experience in resource exploration and corporate leadership will be a valuable addition to our team as we continue to advance on our strategy.” – Lester Esteban, CEO.