Canadian-listed Skeleton Coast Uranium Corp. has raised approximately N$40.8 million (C$2.33 million) through the first tranche of a private placement to finance uranium exploration and development activities across its licences in Namibia’s Erongo Region.
The company announced on 4 November 2026 that it had issued 18.645 million units at C$0.125 each, with the proceeds earmarked for exploration activities and general working capital requirements.
Skeleton Coast Uranium Chief Executive Officer Nathan Chutas said the funding formed part of a larger non-brokered private placement targeting up to C$5 million (N$87.5 million) through the issuance of 40 million units.
The company expects to close a further tranche of the placement shortly, with additional details to be announced once the transaction is completed.
Under the placement terms, each unit comprises one common share and half a share purchase warrant. Each whole warrant allows the holder to acquire an additional common share at C$0.20 until 2 November 2028.
Skeleton Coast Uranium holds options to acquire controlling interests ranging from 70% to 75% in five Exclusive Prospecting Licences (EPLs) covering approximately 610 square kilometres in the Erongo Region.
The licences are located near established uranium mining operations, including Rössing, Husab and Langer Heinrich.
The company has identified 42 airborne uranium exploration targets across its licence portfolio, including 13 classified as high-priority targets.
Exploration activities are being advanced across the concessions, with initial field validation work planned for EPL 8617 to assess identified targets and determine priorities for further exploration.
Skeleton Coast Uranium said historical exploration records indicated the presence of uranium mineralisation within its licence areas, although the information has not been independently verified.
Under its existing option agreements, the company is required to spend C$5 million on exploration across the five licences by June 2028.
The latest capital raise is expected to support the company’s efforts to meet these exploration commitments while advancing geological assessments of its uranium prospects.
Skeleton Coast Uranium is listed on the TSX Venture Exchange under the symbol SKEL, trades on the OTC market under GLIIF and is listed on the Frankfurt Stock Exchange under KDM0.
