Stearman Enters Into Definitive Agreement to Acquire NeoCore Uranium Ltd.
VANCOUVER, BRITISH COLUMBIA – June 17, 2025 – Stearman Resources Inc. (CSE:STMN) announces that it has entered into a definitive share exchange agreement to acquire 100% of NeoCore Uranium Ltd., a private BC company that owns a 100% interest in the NeoCore Uranium Property. The Property consists of six mineral claims covering 13,012 hectares, located in the Athabasca Basin in northern Saskatchewan.
Property Location and Geology
The Property is located on the eastern flank of the Athabaska Basin, about 65 kilometres southeast of the McArthur River Uranium Mine. It is underlain by Neoarchean River Granites, a geologic unit associated with uranium fertility in both Canadian and global analogs. The Property area is directly adjacent to renowned uranium mining and exploration companies including CanAlaska Uranium Ltd., Skyharbour Resources Ltd., and Baselode Energy Corp.
Transaction Terms
The NeoCore Agreement provides for Stearman to issue 7,500,000 common shares at a deemed price of $0.05 per share in exchange for all issued and outstanding common shares of NeoCore. The Company expects to close the Transaction on or before June 30, 2025. The Transaction is subject to customary due diligence, required regulatory approvals, and completion of the Financing. The Transaction is at arm's length with no finder's fees payable.
Financing
The Company announces a non-brokered private placement of 2,000,000 units at $0.05 per unit for gross proceeds of $100,000. Each Unit consists of one Company Share and one transferrable common share purchase warrant entitling the holder to purchase one additional Company Share for $0.07 for a period of two years. Net proceeds will be used for general corporate purposes.
All securities issued will be subject to a hold period of four months and one day as required under applicable securities legislation.
Post-Closing Plans
After closing the Transaction, the Company plans to file a Business Acquisition Report in accordance with securities regulations within the prescribed time and will issue a further news release on filing.
About Stearman Resources
Stearman Resources Inc. is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and the USA. The Company currently holds options on the Miniac Property in Quebec (78 claims over 4,110 hectares, prospective for gold, zinc, copper and silver) and the Brassie Creek Property in British Columbia (9 mineral claims covering 1,862 hectares, prospective for copper, gold and silver).
For further information, contact Howard Milne, CEO at 604-377-8994 or hdmcap@shaw.ca
Mineral Resource Cautionary: The Company has not defined any mineral resources or mineral reserves on any of its properties. There is no guarantee that exploration will result in the discovery of an economic mineral deposit.
Adjacent Properties: References to mineralization, deposits, mines, and resources on adjacent or nearby properties are for geological context only. Mineralization on adjacent properties is not necessarily indicative of mineralization on the Company's properties.