Global Atomic Announces Closing of Public Offering for Gross Proceeds of C$57 Million

Global Atomic Corporation (GLO) closed a public offering of 113,931,000 units at C$0.50 per unit, raising gross proceeds of C$56,965,500. The transaction included the partial exercise of an over-allotment option, following the initial September 23 announcement of a C$50 million offering.

Each unit consists of one common share and one-half of a common share purchase warrant. Warrant terms allow the purchase of one common share at C$0.70 per share, exercisable on or before October 1, 2029. Net proceeds are designated for the advancement of the Dasa uranium project in Niger and general working capital.

Red Cloud Securities Inc. acted as sole underwriter and bookrunner, receiving a 5.0% cash fee plus underwriter warrants to purchase up to 5.0% of the units sold at C$0.50 until October 1, 2029.

Global Atomic Corporation (GLO) has secured financing to address the US$152.7 million equity gap identified in its September 18 cost update, a requirement necessary to unlock the previously approved US$414.2 million DFC debt facility. The company raised C$57 million at C$0.50 per unit, a price point that falls within the narrow trading range of C$0.40 to C$0.50 observed throughout September 2026.

This capital raise covers only a fraction of the remaining equity requirement, signaling that additional equity financing will be necessary in the near term to trigger the DFC drawdown. The transaction serves as a routine follow-up to the announced offering and does not introduce new strategic investors or alter the fundamental risk profile of the Dasa project. The depressed pricing and continued dilution weigh negatively on existing shareholders, while the extended timeline to production, now scheduled for the second half of 2028, remains a structural headwind.

Global Atomic Corporation (GLO) is a mining company focused on the Dasa uranium project in Niger and a Turkish zinc recycling joint venture. The Dasa project is an underground uranium mine currently in the construction phase. Underground development has reached the fourth level, and process plant earthworks are over 95% complete. The project was originally targeted for completion in 2025 but has been delayed to H2 2028 due to inflation, construction delays, and financing hurdles.

The Turkish zinc joint venture (BST) processes electric arc furnace dust, generating positive cash flow and dividends, which currently subsidizes corporate operations. The company holds six mining agreements in Niger's Tim Mersoi Basin, with the government holding a 20% carried interest.