Reexploration arranges $1-million private placement

Executive Summary

• Reexploration Inc. has arranged a private placement for aggregate gross proceeds of up to $1,000,000 to fund exploration at its Eureka project in Namibia and general working capital.
• The financing involves the issuance of up to 9,090,910 shares at $0.11 per share, with Numus Capital Corp. acting as the agent.
• Proceeds will primarily finance a drill program in early 2026 to test a newly identified, highly prospective uranium target southwest of the Eureka dome.

Key Details

• Gross Proceeds: Up to $1,000,000.
• Share Price: $0.11 per share.
• Shares Issued: Up to 9,090,910 shares.
• Use of Proceeds: Primarily to finance a drill program to test a newly identified uranium target in early 2026, along with general working capital.
• Agent: Numus Capital Corp. (registered exempt market dealer).
• Agent Compensation:
  • Cash fee: 7% of proceeds raised.
  • Compensation warrants: Issued to the agent, entitling them to purchase a number of shares equal to 7% of the shares from investors introduced by the agent (excluding subscriptions from directors, officers, and employees).
  • Warrant Terms: Exercisable into shares at $0.11 per share for a period of 24 months from closing.
• Conditions Precedent: Subject to approval of the TSX Venture Exchange.
• Hold Period: All securities issued are subject to a four-month-and-one-day hold period.
• Regulatory Context: The engagement may constitute related party transactions under Multilateral Instrument 61-101; the company is relying on an exemption for shareholder approval as related party elements would not exceed 25% of market capitalization.
• Project Context: The new uranium target is located immediately southwest of the Eureka dome, on trend with major uranium deposits (Rossing, Husab, Etango, Omaholo, Norasa) in Namibia's Erongo mining district.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.