Glacier Lake Resources Inc. has announced plans to raise up to N$804.7 million (US$5 million) through a private placement as the company moves to expand its uranium exploration footprint in Namibia’s Erongo Region.
The company said it has entered into a private placement of up to 37,037,037 post-consolidation units priced at N$2.17 (US$0.135) per unit. Each unit will comprise one common share and one-half of one common share purchase warrant, exercisable at N$3.00 (US$0.20) per share over a 24-month period.
In addition to the capital raise, Glacier Lake will acquire controlling interests in five Exclusive Prospecting Licences (EPLs) covering approximately 610 square kilometres in the Erongo Region, an area located near Namibia’s major uranium operations, including the Rössing, Husab and Langer Heinrich mines.
Proceeds from the private placement are expected to fund exploration, environmental, technical and administrative activities across the Namibian licence areas, as well as provide general working capital.
The company said it had entered into two separate agreements — a Property Option and Joint Venture Agreement and a Share Purchase Agreement — collectively referred to as the Option Agreements, to secure controlling interests in the licences.
Under the Property Option and Joint Venture Agreement, Glacier Lake will earn up to a 75% interest in EPLs 9727 and 8208 by investing at least N$48.3 million in exploration and related activities by 30 June 2028, in addition to cash payments totalling N$4.0 million.
EPLs 9872, 9873 and 8617 will be acquired through a Share Purchase Agreement, granting the company a 100% interest in the licences upon meeting exploration and administrative expenditure commitments of at least N$32.2 million by 15 June 2028.
Historical reports for the licence areas indicate uranium values of up to 260 grams per tonne (g/t) U₃O₈ in localised zones, alongside inferred resources estimated at 35 million tonnes at an average grade of 120 parts per million (ppm) U₃O₈.
The company noted that these estimates are historical in nature and have not been verified by Glacier Lake or a qualified person under current NI 43-101 reporting standards. Further exploration and verification work is planned to confirm the historical results.
“The historical technical information referenced above is from the Namibian Geological Survey report The Mineral Resources of Namibia – Uranium dated 1988 by H. Roesener and C.P. Schreuder and has not been independently verified by the Company,” the statement said.
