Stearman signs deal to acquire Zoo Bay uranium property

Executive Summary

• Stearman Resources Inc. has entered into a definitive share exchange agreement to acquire 100% of the issued and outstanding common shares of 1477571 B.C. Ltd., thereby gaining full ownership of the Zoo Bay uranium property.
• The Zoo Bay property consists of 15 mineral claims covering 19,850 hectares in the Athabasca basin, Northern Saskatchewan, situated on the mapped erosional edge of the basin with favorable shallow sandstone cover for uranium exploration.
• The transaction involves the issuance of 7.5 million common shares at a deemed price of 8.5 cents per share, subject to customary due diligence and regulatory approvals.

Key Details

• Transaction Structure: Definitive share exchange agreement where Stearman Resources Inc. acquires 100% of 1477571 B.C. Ltd.
• Target Asset: 100% interest in the Zoo Bay uranium property.
• Property Details:
  • Located in the Athabasca basin, Northern Saskatchewan.
  • Comprises 15 mineral claims covering 19,850 hectares.
  • Straddles the mapped erosional edge of the Athabasca basin (sandstone sediments varying in depth up to 1,000+ meters).
  • Uranium ore is typically found at the base of the sandstone where it meets Archean basement rocks; the property overlies shallow sandstone cover, considered highly favorable for exploration.
• Consideration: Stearman to issue 7.5 million common shares in the capital of the company.
• Deemed Price: 8.5 cents per share.
• Hold Period: All securities issued are subject to a hold period of four months and one day under applicable securities legislation.
• Conditions Precedent: Completion of customary due diligence and receipt of all required regulatory approvals.
• Arm's Length: The transaction is at arm's length with no finders' fees payable.
• Competitor Activity Context:
  • Orano Canada Inc. acquired a large block of mineral claims bounding the northern and eastern borders of the property (outside the basin) subsequent to the staking of Zoo Bay in 2024.
  • Canalaska Uranium Ltd. recently staked 30 claims on the eastern and southern sides; holds interests in approx. 300,000 hectares in the eastern Athabasca basin.
  • Atha Energy Corp. holds a large land position on the northwestern side of the Zoo Bay property.

Notable Quotes

• None provided in the text.