Stearman Resources Secures Agreement to Acquire NeoCore Uranium
Stearman Resources Inc. Announces Acquisition of NeoCore Uranium
Stearman Resources Inc. (CSE:STMN) has made significant strides in its growth strategy by entering into a definitive share exchange agreement to acquire NeoCore Uranium Ltd. This acquisition marks a potentially transformative step for the company, allowing it to expand its presence in the uranium market, a sector rising in importance due to the increasing global demand for clean energy.
Understanding the NeoCore Uranium Property
The NeoCore property encompasses six mineral claims covering an impressive area of 13,012 hectares. Located in the promising Athabasca Basin of northern Saskatchewan, this region is well-known for its rich uranium deposits. The proximity of the property to renowned uranium mining operations, including the McArthur River Uranium Mine, enhances its appeal.
Key Terms of the Acquisition
As part of the transaction, Stearman will issue 7,500,000 common shares at a deemed price of $0.05 per share to acquire all outstanding shares of NeoCore Uranium Ltd. This strategic move not only enhances Stearman's asset portfolio but also positions it favorably in the competitive landscape of mineral exploration.
Financing and Future Plans
In conjunction with the acquisition, Stearman Resources is also initiating a non-brokered private placement financing of 2,000,000 units at the same price per unit. Each unit will include one common share and a purchase warrant allowing the holder to acquire an additional share at $0.07 within two years. This financing aims to bolster the company's working capital and support various corporate initiatives.
Regulatory Considerations
Completing the transaction requires adherence to several regulatory conditions, ensuring Stearman can proceed responsibly and transparently. The anticipated closing of the deal is likely before the end of June, contingent upon fulfilling these requirements.
Stearman's Commitment to Exploration
Stearman is dedicated to mineral exploration in Canada and the USA. Currently, the company has options on multiple properties, including the Miniac Property in Quebec and the Brassie Creek Property in British Columbia. These properties are evident of Stearman's commitment to diversifying its portfolio and exploring high-potential mineral resources.
Leadership and Corporate Governance
At the helm of Stearman Resources is Howard Milne, the Chief Executive Officer, whose experience and strategic vision have been instrumental in steering the company toward new growth opportunities. Under his leadership, the company continues to navigate the complexities of the mineral sector effectively.
For further inquiries, stakeholders can contact Howard Milne directly at 604-377-8994 or via email at hdmcap@shaw.ca.
Frequently Asked Questions
What is the significance of Stearman's acquisition of NeoCore Uranium?
This acquisition represents a strategic move for Stearman to enhance its mineral resource portfolio, particularly in the uranium sector, which is gaining importance in the global energy landscape.
How many shares will Stearman issue for the NeoCore acquisition?
Stearman will issue 7,500,000 common shares at a deemed price of $0.05 per share in exchange for all outstanding shares of NeoCore Uranium Ltd.
What are the terms of the financing associated with the acquisition?
Stearman is initiating a financing round for 2,000,000 units priced at $0.05 per unit, with each unit including one common share and a purchase warrant.
When is the expected closing date for the acquisition?
The transaction is anticipated to close on or before June 30, subject to regulatory approvals and customary due diligence.
Who can be contacted for more information about the acquisition?
Howard Milne, the CEO of Stearman Resources, can be contacted at 604-377-8994 or via email at hdmcap@shaw.ca.
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