UraniumX seeks $500,000 through flow-through share placement

UraniumX Discovery Corp. (CSE:STMN)(OTCQB: STMXF)(FSE:Q7S) announced a non-brokered private placement offering up to 3.33 million flow-through shares at $0.15 per share for gross proceeds of up to $500,000, according to a company statement.

The flow-through shares will qualify under Canada's Income Tax Act, with proceeds designated for Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures. The company plans to renounce these expenses to subscribers by December 31, 2026, with expenses to be incurred by December 31, 2027.

Funds will support the company's diamond drill program at the Murphy Lake Uranium Property in Saskatchewan's Athabasca Basin. The program is currently testing four priority targets across a corridor extended by 1.45 kilometers under a company-funded electromagnetic survey.

"Pitchblende in the very first hole confirmed Murphy Lake as a live, fertile uranium system. This financing puts the drill on four more targets, 5 km from IsoEnergy's Hurricane deposit," said Chief Executive Officer Esen Boldkhuu.

The offering requires corporate and regulatory approvals, including approval from the Canadian Securities Exchange. Securities issued will be subject to a four-month and one-day statutory hold period from issuance.

UraniumX may increase the offering size to accommodate additional demand and may pay finder's fees to eligible persons in accordance with exchange policies. The company is earning up to a 70% interest in Murphy Lake through an option agreement with F4 Uranium Corp.

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