Financings
Closing Of Non-Brokered Private Placement
UraniumX Secures $1.05M Tranche to Fund Athabasca Geophysics as Stock Consolidates Near Lows
Executive Summary
- UraniumX Discovery Corp. closed the first tranche of a non-brokered private placement on March 31, 2026.
- The company issued 6,176,471 flow-through shares at $0.17 per share, generating approximately $1.05 million in gross proceeds.
- Proceeds are designated for Canadian exploration expenses at the Murphy Lake and Zoo Bay properties, with tax benefits renounced to subscribers.
- All issued securities carry a statutory four-month and one-day hold period expiring August 1, 2026.
- The company paid $73,500 in finder’s fees related to the offering.
- This closing fulfills a portion of the $1.5 million financing announced on March 18, 2026, which was intended to fund a spring 2026 drilling campaign following a 9.2 km MLEM geophysical survey.
Material Impact
- The news is a direct follow-up to the March 18 announcement and represents expected, incremental capital raising.
- While the $0.17 issuance price sits above the current market price of $0.12, it confirms management’s ability to secure funding at a premium to spot, which is marginally supportive.
- The capital provides a short-term runway for geophysical data processing and initial drill targeting, but the amount is insufficient to fund a full-scale drill program and ongoing G&A.
- Dilution is immediate, and the financing does not alter the fundamental exploration risk profile or near-term valuation drivers.
- Impact is classified as routine and positive, as it prevents an immediate liquidity crunch but introduces no new operational catalysts.
STMN · Price
Company Overview
- UraniumX Discovery Corp. (formerly Stearman Resources Inc.) is a junior exploration company focused on uranium assets in the Athabasca Basin, Saskatchewan.
- Flagship Project: Murphy Lake Property, where the company holds an option to earn up to a 70% interest from F4 Uranium Corp. The property is located approximately 5 km from Isoenergy’s Hurricane deposit.
- Historical drilling at Murphy Lake (2022) returned 0.065% U3O8 over 2.5m, including 0.242% U3O8 over 0.5m, within a deformation zone at the unconformity.
- Secondary Assets: 100% owned Zoo Bay Property (19,850 hectares) and NeoCore Property (13,012 hectares), both in early-stage exploration.
- The company relies heavily on external technical advisors and consultants to guide its geological strategy.
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Jun 23, 2026 · 07:30