Canadian exploration company Skeleton Coast Uranium has raised C$2.33 million in the first tranche of a planned C$5 million private placement to support uranium exploration and development activities across five prospecting licences in Namibia’s Erongo Region.
The company announced on 4 November 2026 that it had completed the first tranche by issuing 18.65 million units at C$0.125 each, with a further tranche expected to close shortly as it works towards its full fundraising target.
Skeleton Coast Uranium intends to use the proceeds to continue exploration and development work in Namibia and to meet general working capital requirements.
The financing comes as the company seeks to establish a uranium exploration portfolio covering 610 square kilometres in Erongo, where it holds options to acquire controlling interests of between 70% and 75% in five Exclusive Prospecting Licences (EPLs).
Under the terms of its option agreements, Skeleton Coast Uranium is required to spend C$5 million on exploration across the five licences by June 2028.
The company’s concessions are located either adjacent to or within approximately 30 kilometres of Langer Heinrich, Rössing or Husab, three of Namibia’s operating uranium mines.
Skeleton Coast Uranium said historical records indicate the presence of uranium mineralisation across all five licence areas, although it cautioned that the historical information remains unverified.
The company considers the proximity of its concessions to established uranium operations an important feature of its exploration portfolio as it prepares to undertake further work on the properties.
The latest financing forms part of a larger non-brokered private placement involving up to 40 million units at C$0.125 each, which would generate gross proceeds of C$5 million if fully subscribed.
Each unit issued in the first tranche consists of one common share and half a share purchase warrant.
Each whole warrant allows its holder to acquire an additional common share at C$0.20 until 2 November 2028.
The company also paid C$109,190 in finders’ fees and issued 873,520 non-transferable finders’ warrants to third parties involved in introducing investors to the placement.
These warrants are exercisable on the same terms as those issued to investors participating in the financing.
All securities issued under the first tranche are subject to resale restrictions until 3 March 2027, in accordance with applicable securities laws.
Skeleton Coast Uranium said completion of any additional financing tranches remains subject to approval by the TSX Venture Exchange.
The company, led by chief executive Dr Nathan Chutas, is listed on the TSX Venture Exchange, the US over-the-counter market and the Frankfurt Stock Exchange.
Its planned C$5 million fundraising is separate from the C$5 million exploration expenditure commitment under its Namibian option agreements, although the company has identified continued exploration and development in Namibia among the intended uses of the financing proceeds.
The first tranche represents approximately C$2.67 million less than the full fundraising target, leaving the company to secure additional subscriptions if it is to complete the planned C$5 million placement.
