Skeleton Coast raises $1.67M first tranche for Namibia uranium push
What's the deal? Skeleton Coast Uranium (TSXV: SKEL) has closed the first tranche of a non-brokered private placement, raising US$1.71M (roughly $1.67 million). It issued 18,645,000 units at US$0.09 each, each unit comprising one common share and half a warrant exercisable at US$0.15 until November 2, 2028.
What's the endgame? The Vancouver-based company holds options to acquire 70-75% controlling interests in five Exclusive Prospecting Licenses in Namibia's Erongo Region. The proceeds will fund continued exploration and development there, plus general working capital.
Why now? The company must incur US$3.67M in exploration spending across the five licenses by June 2028. This tranche is part of a larger offering of up to 40,000,000 units for gross proceeds of up to US$3.67M, with a further tranche expected shortly.
The fine print: Skeleton Coast paid finders' fees of US$80.1K and issued 873,520 finders' warrants to arms-length third parties. All securities are subject to resale restrictions until March 3, 2027, and further tranches need TSX Venture Exchange approval.
The signal: At roughly $1.67 million, this is a modest raise that ranks in the bottom tier of disclosed rounds. But the licenses cover 610km² near three of Namibia's uranium mines — Langer Heinrich, Rössing, and Husab — in a country that accounted for about 12% of global mined uranium production in 2024, signalling continued investor appetite for early-stage uranium exposure.
Read more: stockwatch.com
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