Skeleton Coast Uranium closes first tranche, raises $2.3M

Skeleton Coast Uranium Corp. (TSXV: SKEL) (OTC: GLIIF) (FSE: KDM0) has closed the first tranche of a non-brokered private placement, issuing 18,645,000 units at $0.125 per unit for gross proceeds of $2,330,625, according to a company statement.

Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant allows the holder to acquire an additional common share at $0.20 until November 2, 2028.

The first tranche is part of a larger offering of up to 40,000,000 units at $0.125 per unit, targeting gross proceeds of up to $5,000,000. The company said it intends to close a further tranche and plans to use proceeds for exploration and development work in Namibia and for general working capital.

In connection with the first tranche closing, the company paid $109,190 in finders' fees and issued 873,520 non-transferable finders' warrants to third parties who assisted in introducing subscribers to the offering. The finders' warrants carry the same exercise terms as the warrants issued to unit holders.

All securities issued under the first tranche are subject to a resale restriction until March 3, 2027. Any additional tranches remain subject to TSX Venture Exchange approval.

Skeleton Coast Uranium holds options to acquire 70–75% interests in five Exclusive Prospecting Licenses covering 610 km² in the Erongo Region of Namibia. The company is required to incur CAD$5 million in exploration expenditures across the five licenses by June 2028.

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