Stearman closes first tranche of financing

Executive Summary

• Stearman Resources Inc. closed the first tranche of a non-brokered private placement of flow-through (FT) units, raising gross proceeds of $1,425,000.
• The company issued 7,125,000 FT units at a price of $0.20 per unit, with proceeds designated for qualifying Canadian exploration expenses to be renounced to purchasers.
• The transaction included the issuance of warrants attached to the units and separate finders' warrants, with all securities subject to a statutory hold period.

Key Details

• Transaction Structure: Non-brokered private placement of flow-through (FT) units.
• Units Issued: 7,125,000 FT units.
• Price: $0.20 per FT unit.
• Gross Proceeds: $1,425,000.
• Unit Composition: Each FT unit consists of one flow-through common share and one-half of one common share purchase warrant.
• Warrant Terms (Units): Each whole warrant entitles the holder to purchase one additional common share at an exercise price of $0.30 for a period of 24 months from issuance.
• Statutory Hold Period: Four months and one day from the date of issuance for all securities.
• Use of Proceeds: To incur qualifying Canadian exploration expenses renounced to purchasers under the Income Tax Act (Canada).
• Finders' Fees: Aggregate cash fees of $69,300 paid.
• Finders' Warrants: 326,500 finders' warrants issued, entitling holders to acquire one share at $0.30 per share for 24 months from issuance.
• Company Focus: Uranium exploration in the Athabasca basin, Saskatchewan, specifically on the Murphy Lake, Zoo Bay, and NeoCore properties.

Notable Quotes

• "The closing of this first flow-through tranche represents a meaningful milestone in advancing our uranium exploration agenda in the Athabasca basin. Our team remains committed to structured, data-driven exploration, disciplined deployment of capital and efficient execution of field programs. With planned operational work under way, 2026 is expected to be an active year for project development and we look forward to providing shareholders with regular updates as we advance our portfolio." — Lester Esteban, CEO