North Shore Closes Non-Brokered Private Placement

Executive Summary

• North Shore Uranium closed a non‑brokered private placement on Jan 16, 2026, raising $3.23 million from the issuance of 12,930,000 units at $0.25 per unit.
• Each unit includes one common share and half of a warrant to purchase an additional share at $0.40 for two years; accelerated expiry provisions apply if TSXV price ≥ $0.80 for ten consecutive days.
• Net proceeds are earmarked for exploration of the Rio Puerco uranium project (NM), continued work on Saskatchewan properties, offering costs and general working capital.

Key Details

• Gross proceeds: $3,232,500
• Units issued: 12,930,000 at $0.25 per unit
• Unit composition: 1 common share + ½ warrant (each full warrant allows purchase of one share at $0.40)
• Warrant terms: Exercise price $0.40; expires 2 years after closing unless accelerated (trigger: TSXV VWAP ≥ $0.80 for 10 consecutive trading days, then expires 30 days after notice).
• Finder’s fees: $18,500 paid in cash; 74,000 non‑transferable finder’s warrants issued (exercise price $0.25, 2‑year term).
• Hold period: Securities subject to a four‑month and one‑day hold under securities laws.
• Use of proceeds:
• Exploration of Rio Puerco uranium project (New Mexico)
• Ongoing exploration on Saskatchewan uranium properties (Falcon & West Bear)
• Cover offering costs
• General working capital
• Insider participation: CEO/President Brooke Clements purchased units; transaction qualifies as a related‑party transaction under MI 61‑101 but does not exceed the 25% market‑cap threshold, so no formal valuation or minority‑shareholder approval required.
• Board approval: Obtained; Clements abstained from voting on matters relating to his participation.

Notable Quotes

“We are pleased to have successfully closed this financing, which provides us with the capital needed to advance our exploration programs at Rio Puerco and in Saskatchewan, positioning North Shore for future growth as demand for uranium rises.” – Brooke Clements, President, CEO & Director

All forward‑looking statements are subject to risks and uncertainties detailed in the release.