Stearman Resources closes acquisition of Zoo Bay

Executive Summary

• Stearman Resources Inc. has completed the acquisition of 100% of the issued and outstanding common shares of 1477571 B.C. Ltd., thereby acquiring a 100% interest in the Zoo Bay uranium property.
• The transaction was structured as a share exchange, with Stearman issuing 7.5 million common shares to the sellers.
• The Zoo Bay property consists of 15 mineral claims covering 19,850 hectares in the Athabasca basin, Northern Saskatchewan, characterized by shallow sandstone cover favorable for uranium exploration.

Key Details

• Transaction Structure: Share exchange agreement completed.
• Acquired Entity: 1477571 B.C. Ltd., a private British Columbia company.
• Asset Acquired: 100% interest in the Zoo Bay uranium property.
• Property Details:
  • Location: Athabasca basin, Northern Saskatchewan.
  • Size: 15 mineral claims covering 19,850 hectares.
  • Geology: Straddles the mapped erosional edge of the Athabasca basin; overlies shallow sandstone cover which is highly favorable for uranium exploration.
• Consideration:
  • Stearman issued 7.5 million common shares.
  • Deemed price: 8.5 cents per share.
• Restrictions: All securities issued are subject to a hold period of four months and one day.
• Market Context/Neighbors:
  • Orano Canada Inc. acquired claims bounding the northern and eastern borders.
  • Canalaska Uranium Ltd. staked 30 claims on the eastern and southern sides.
  • Atha Energy Corp. holds a large land position on the northwestern side.

Notable Quotes

• None provided in the text.