ReeXploration Inc. has announced a private placement of up to US$1 million to fund the next phase of exploration at its Eureka uranium project in Namibia’s Erongo Mining District, one of the country’s most established uranium-producing regions.
The capital raise is aimed primarily at supporting a drill programme planned for early 2026, targeting a newly identified uranium system along Namibia’s premier uranium corridor, as well as providing general working capital.
The company said recent exploration work has outlined a large-scale uranium target immediately southwest of the Eureka Dome, building on disclosures made in November and December 2025.
The target lies on the same regional trend as several of Namibia’s significant uranium deposits, including Rössing, Husab, Etango, Omaholo and Norasa, within a belt regarded as one of the most prolific uranium provinces globally.
The upcoming drill programme is designed to test the scale and continuity of this newly identified system.
The financing will consist of up to 9,090,910 common shares for US$0.11 per share. ReeXploration has appointed Numus Capital Corp., a registered Exempt Market Dealer, to act as agent for the placement.
Under the agreement, Numus will receive a cash commission equal to 7% of funds raised, along with compensation warrants equal to 7% of the shares placed through investors introduced by the agent, excluding subscriptions from company insiders. Each compensation warrant will be exercisable at US$0.11 per share for a period of 24 months from closing.
Completion of the private placement remains subject to customary conditions, including approval from the TSX Venture Exchange.
All securities issued under the financing will be subject to a four-month and one-day statutory hold period.
The company noted that Numus Capital’s engagement, along with certain aspects of the funding, may constitute a related-party transaction under Canadian securities regulations.
Still, it said it is relying on an exemption on the basis that any such involvement would not exceed 25 per cent of its market capitalisation.
