Reexploration closes $1-million private plalcement

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.