Skeleton Coast Uranium Announces Private Placement

Skeleton Coast Uranium Corp. announced a non-brokered private placement of up to 33,333,334 units at $0.15 per unit, with gross proceeds capped at $5,000,000. Each unit consists of one common share and one-half of a share purchase warrant. The warrants are exercisable at $0.20 per share for 24 months from closing.

The company intends to use the proceeds to fund continued exploration and development in Namibia as well as general working capital. The securities are subject to a four-months-and-one-day hold period, and completion of the transaction requires approval from the TSX Venture Exchange.

Skeleton Coast Uranium Corp. (SKEL) has completed a routine equity raise to secure the liquidity needed to meet its CAD$5 million expenditure requirement by June 2028. The shares were priced at $0.15, aligning with the recent trading range of $0.13 to $0.14, which indicates fair market pricing rather than a discount or premium.

The transaction results in a significant dilution, increasing the share count by approximately 78%. While this level of dilution is typical for a pre-revenue exploration company at this stage, it weighs on existing shareholders. No strategic investors or notable first-time investments were disclosed as part of the financing. The news does not alter the fundamental risk profile or provide a catalyst for immediate price appreciation.

Skeleton Coast Uranium Corp. (SKEL) is a pre-revenue mineral exploration company focused on uranium and base metal properties in Namibia and British Columbia. Its flagship project consists of a portfolio of five Exclusive Prospecting Licences (EPLs) in Namibia's Erongo Region, covering approximately 610 km². These EPLs are strategically located 10-25 km from major uranium mines, including Rössing, Husab, and Langer Heinrich, which account for approximately 10% of global uranium output. The company employs a dual prospectivity model targeting primary alaskite-hosted uranium and secondary palaeochannel/calcrete-hosted uranium mineralization. Phase 1 exploration, involving data digitization, is complete, with Phase 2 fieldwork planned to verify historical anomalies.