VANCOUVER: Stearman Resources Inc. (CSE:STMN) said Tuesday it has agreed to acquire all outstanding shares of NeoCore Uranium Ltd., a private British Columbia-based company holding a uranium property in Saskatchewan’s Athabasca Basin.
Under the deal, Stearman will issue 7.5 million common shares at $0.05 per share to NeoCore shareholders. The transaction, expected to close by June 30, 2025, is subject to due diligence and regulatory approvals.
NeoCore’s property spans six mineral claims covering 13,012 hectares on the eastern edge of the Athabasca Basin, roughly 65 kilometers (40 miles) southeast of the McArthur River Uranium Mine. The area is geologically prospective for uranium and borders projects held by CanAlaska Uranium Ltd., Skyharbour Resources Ltd. and Baselode Energy Corp.
Separately, Stearman announced a $100,000 non-brokered private placement, offering 2 million units at $0.05 each. Each unit includes one common share and one warrant exercisable at $0.07 for two years. Proceeds will fund general corporate purposes.
Securities issued in both transactions will be subject to a four-month hold period.
Stearman, a mineral exploration company, also holds options on gold and base metal properties in Quebec and British Columbia.
After closing the NeoCore deal, the company plans to file a Business Acquisition Report as required by securities regulations.
No finder’s fees are payable in connection with the transaction.