ReeXploration Inc. has raised $1 million, equivalent to about N$18–19 million, through a private placement to fund the next phase of exploration at its Eureka Project in Namibia’s Erongo Mining District.
The company said the funds will be used to advance a drill programme planned for early 2026, targeting a newly identified, high-priority uranium system at Eureka, located within Namibia’s premier uranium corridor.
The private placement involved the issuance of 9,090,910 shares at $0.11 per share.
ReeXploration paid Numus Capital Corp., a registered Exempt Market Dealer, a cash fee of $70,000, equivalent to about N$1.3 million, representing seven per cent of the gross proceeds.
It also issued 636,363 compensation warrants exercisable at $0.11 per share for a period of 24 months.
ReeXploration said the engagement of Numus Capital Corp. and the financing may constitute related-party transactions under Multilateral Instrument 61-101.
The company is relying on an exemption from shareholder approval on the basis that any related-party component does not exceed 25 per cent of its market capitalisation.
All securities issued under the financing are subject to a statutory hold period of four months and one day from the date of closing.
The Eureka Project is located in central Namibia’s Erongo Mining District, which hosts primary uranium operations, including Rössing and Husab.
The project was initially advanced for rare earth elements, with earlier work confirming monazite mineralisation capable of producing a clean concentrate. More recently, exploration identified a large-scale uranium target on trend with established deposits, prompting ReeXploration to prioritise uranium drilling as the next phase of work.
