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Financings

Reexploration closes $1-million private plalcement

By The Northwire Desk — AI Analysis Dec 23, 2025 · 19:08 REE · 0.16 ReeXploration Inc.
REE · Price

Executive Summary

  • Reexploration Inc. has closed a private placement raising $1,000,000 in aggregate gross proceeds.
  • The funds are designated to finance the next phase of exploration at the Eureka project in Namibia, specifically targeting a drill program for a newly identified uranium target scheduled for early 2026.
  • The transaction involved the issuance of shares and compensation warrants to the agent, Numus Capital Corp., with specific hold periods and related party transaction disclosures.

Key Details

  • Gross Proceeds: $1,000,000.
  • Shares Issued: 9,090,910 shares.
  • Price Per Share: $0.11 CAD.
  • Agent Fee: $70,000 cash (7% of gross proceeds) paid to Numus Capital Corp.
  • Warrant Terms: 636,363 compensation warrants issued to Numus Capital Corp.
    • Exercise Price: $0.11 per share.
    • Duration: 24 months from closing.
  • Hold Period: All securities issued are subject to a statutory hold period of four months and one day from the closing date.
  • Related Party Disclosure: The engagement of Numus Capital and the financing may constitute related party transactions under Multilateral Instrument 61-101. The company relied on an exemption from shareholder approval under Section 5.7(1)(a) of MI 61-101, asserting that related party elements do not exceed 25% of the company's market capitalization.
  • Use of Proceeds: Financing the next phase of exploration at the Eureka project in Namibia's Erongo mining district, focusing on a drill program to test a newly identified, highly prospective uranium target in early 2026.

Notable Quotes

  • No direct quotes from the CEO or President were included in the provided text.
Read the original news release →

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