TSX-V-listed Skeleton Coast Uranium closed a previously announced non-brokered private placement through the issue of 37.04-million units for aggregate gross proceeds of $5-million.

The company intends to use the net proceeds of the offering to fund exploration, environmental, technical and administrative expenditures on its Namibian uranium properties and for general working capital purposes.

In connection with completion of the offering, Skeleton paid finder’s fees of $138 301.89 and issued 1.02-million non-transferable finder’s warrants to certain arms-length parties who introduced subscribers to the offering.

The offering included subscriptions from four insiders of the company in the aggregate amount of 1.1-million units.

Skeleton also announced the closing of its previously announced acquisition of interests in five exclusive prospecting licences in Namibia.

As of the closing of the acquisition, regarding the issuance of the endorsed exclusive prospecting licence (EPL) 9727, Skeleton confirms that Namibian counsel attended meetings at the Ministry of Industrialisation and Mines and Energy and engaged directly with the Controlled Minerals chief geologist Frieda Flavianu, who indicated that the process relating to EPL 9727 had progressed to the stage of delivery.

Skeleton holds property option and joint venture agreements to acquire control over five EPLs in Namibia’s Erongo region, strategically located near the Rössing, Husab and Langer Heinrich uranium mines.

Net proceeds from the private placement are expected to be used to fund exploration, environmental, technical and administrative expenditures on the Namibia EPLs and for general working capital.

“This financing allows Skeleton Coast Uranium to continue its 2026 exploration programme in the Erongo region of Namibia, which is responsible for over 10% of global mined uranium output,” says CEO Dr Nathan Chutas.

“The company’s exploration campaigns across the five EPLs represent a strong push toward potential discovery of Namibia’s next major uranium deposit. The EPLs, which cover over 610 km², position Skeleton Coast Uranium as one of the larger licence holders in the region and provide a strong platform for uranium exploration and development,” he adds.