Skeleton Coast Uranium revises private placement terms to $5M

Skeleton Coast Uranium Corp. (TSXV: SKEL) (OTC: GLIIF) (FSE: KDM0) has revised the terms of its previously announced non-brokered private placement, according to a company statement.

The company will now offer up to 40,000,000 units at $0.125 per unit, targeting gross proceeds of up to $5,000,000. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at $0.20 for a period of 24 months.

The company said it intends to use the proceeds for exploration and development work in Namibia and for general working capital purposes. The offering remains subject to approval by the TSX Venture Exchange.

Finders' fees may be paid to eligible third parties who assisted in introducing subscribers. All securities issued will be subject to a four-month-and-one-day resale restriction under applicable securities laws.

Skeleton Coast Uranium holds options to acquire 70–75% controlling interests in five Exclusive Prospecting Licenses in the Erongo Region of Namibia, covering 610 square kilometers. The company is required to incur CAD$5 million in exploration expenditures across the five licenses by June 2028.

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