Stearman Enters Into Definitive Agreement to Acquire NeoCore Uranium Ltd.

Company Overview - Stearman Resources Inc. has entered into a definitive share exchange agreement to acquire 100% of NeoCore Uranium Ltd., which owns the NeoCore Uranium Property in Saskatchewan [1][3] - The NeoCore Property consists of six mineral claims covering 13,012 hectares located in the Athabasca Basin, known for its uranium deposits [1][2] Transaction Details - Stearman will issue 7,500,000 common shares at a deemed price of $0.05 per share in exchange for all NeoCore shares [3] - The transaction is expected to close on or before June 30, 2025, subject to customary due diligence and regulatory approvals [3] - A non-brokered private placement financing of 2,000,000 units at $0.05 per unit is also announced, aiming for gross proceeds of $100,000 [4] Property Location and Geological Context - The NeoCore Property is located approximately 65 kilometers southeast of the McArthur River Uranium Mine and is underlain by Neoarchean River Granites, which are associated with uranium fertility [2] - The property is adjacent to other notable uranium mining and exploration companies, enhancing its strategic value [2] Future Plans - After the transaction closes, the company plans to file a Business Acquisition Report in accordance with securities regulations [5] - The net proceeds from the financing will be utilized for general corporate purposes [4] Current Operations - Stearman Resources is focused on the acquisition, exploration, and development of mineral properties in Canada and the USA, with existing options on properties prospective for gold, zinc, copper, and silver [6]