Skeleton Coast Uranium plans $5M private placement

Skeleton Coast Uranium Corp. (TSXV: SKEL) (OTC Pink: GLIIF) (FSE: KDM0) announced a non-brokered private placement of up to 33,333,334 units at $0.15 per unit, seeking gross proceeds of up to $5,000,000.

Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at $0.20 for a period of 24 months.

The company said it intends to use the proceeds for exploration and development work in Namibia and for general working capital. The offering remains subject to approval by the TSX Venture Exchange.

The company may pay finders' fees to eligible third parties who assisted in introducing subscribers to the offering. All securities issued will be subject to a four-month-and-one-day resale restriction under applicable securities laws.

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

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