Skeleton Coast Uranium Announces Closing of $5 Million Non-Brokered Private Placement
www.skeletoncoasturanium.com
Skeleton Coast Uranium Announces Closing of $5 Million
Non-Brokered Private Placement
• Skeleton Coast Uranium has agreements to acquire controlling interests in five Exclusive
Prospecting Licences (“ EPLs”) in the Erongo Region of Namibia, the world's third largest
uranium producer and a recognised tier-one supplier to global utilities.
• Practara Group currently analyzing, digitizing and modelling all available data and compiling
targets for further exploration and drilling.
• Proceeds from the Offering (as defined below) will fund the 2026 exploration programme
including radiometric surveys, gamma ray spectrometry, mapping, and up to 4,000 meters of
reverse circulation (RC) drilling.
• Skeleton Coast Uranium’s EPLs are strategically located either adjacent to or within 10 -25
kms of one of Namibia’s 3 existing uranium mines - Rössing, Husab or Langer Heinrich.
Vancouver, British Columbia, April 13, 2026 – Skeleton Coast Uranium Corp. (the “Company” or
“Skeleton Coast Uranium”) (TSXV: SKEL) (OTCQB: GLIID) (FRA: KDM0) is pleased to announce that,
further to its news release of February 23, 2026, the Company has closed its non- brokered private
placement through the issuance of 37,037,037 units (each, a “Unit”) at a price of $0.135 per Unit for
aggregate gross proceeds of $5,000,000 (the “Offering”). Each Unit consists of one common share
and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole
warrant will entitle the holder to acquire one additional common share at a price of $0.20 per share
until April 10, 2028.
The Company intends to use the net proceeds of the Offering to fund exploration, environmental,
technical and administrative expenditures on the Company’s Namibian uranium properties and for
general working capital purposes.
In connection with completion of the Offering, the Company paid finder’s fees of $13 8,301.89 and
issued 1,024,458 non-transferable finder’s warrants (the “Finder Warrants”) to certain arms-length
parties who introduced subscribers to the Offering. The Finder Warrants are exercisable on the same
terms as the Warrants. All securities issued in connection with the Offering are subject to
restrictions on resale until August 11, 2026, in accordance with applicable securities laws.
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The Offering included subscriptions from four insiders of the Company in the aggregate amount of
1,100,000 Units. Participation in the Offering by an insider of the Company constitutes a “related
party transaction” within the meaning of Multilateral Instru ment 61 -101 – Protection of Minority
Security Holders in Special Transactions (“MI 61-101”). The issuance of securities to insiders of the
Company is exempt from the valuation requirement and the minority shareholder approval
requirements of MI 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of
MI 61-101, in that the fair market value of the consideration of the securities issued to the insiders of
the Company does not exceed twenty-five percent of the Company’s market capitalization.
Acquisition
The Company also announces the closing of its previously announced acquisition of interests in five
Exclusive Prospecting Licences located in Namibia (the “Acquisition”).
The Company advises that, as of the closing of the Acquisition, regarding the issuance of the
endorsed Exclusive Prospecting Licence 9727 (“ EPL 9727 ”), t he Company can confirm that
Namibian counsel attended meetings at the Ministry of Industrialisation and Mines and Energy and
engaged directly with the Chief Geologist for Controlled Minerals, Ms. Frieda Flavianu, who indicated
that the process relating to EPL 9727 had progressed to the stage of delivery. In light of this, the
Company is confident that the m inisterial endorsement has now been completed and that the
licence has effectively transitioned from “pending ECC” to active status.
We further confirm that the licence activation fee in the amount of N$10,000.00 has already been
paid and the Ministry’s records should accordingly be updated to reflect EPL 9727 as active and in
good standing.
Reference is made to the Company’s news release dated February 23, 2026, available under the
Company’s profile on SEDAR+ at www.sedarplus.ca, with respect to, among other things, the
Acquisition and the announcement of the Offering (the “Initial Announcement”). Capitalized terms
used herein shall have the same meanings as those defined in the
Skeleton Coast Uranium holds Property Option and Joint Venture Agreements to acquire control over
five Exclusive Prospecting Licences (“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, ”
commented Dr. Nathan Chutas, Chief Executive Officer of Skeleton Coast Uranium. “The Company’s
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exploration campaigns across the 5 exclusive prospecting licenses represent a strong push toward
potential discovery of Namibia’s next major uranium deposit. The EPLs which cover over 610 km 2,
position Skeleton Coast Uranium as one of the larger license holders in the region and provide a
strong platform for uranium exploration and development. ”
Stock Option Grant
The Company also announces that it has granted an aggregate amount of 4,000,000 stock options to
certain directors, officers and consultants of the Company, pursuant to its stock option plan. Each
option entitles the holder thereof to purchase one common share of the Company at an exercise
price of $0.40 per common share and is exercisable for a period of five years from the date of the
grant.
About Skeleton Coast Uranium Corp.
Skeleton Coast Uranium Corp. holds options to acquire 70-75% controlling interests in five Exclusive
Prospecting Licenses (EPLs) located in the Erongo Region of Namibia which produces approximately
10% of world uranium output. T h e E P L s c o v e r 6 1 0 k m2 and position the Company as one of the
largest license holders in the region. All the concessions have known uranium mineralization
(unverified historical information; see Technical Information) and are located either adjacent to or
within 10 -25 kms of one of the 3 existing uranium mines (i.e. Langer Heinrich, Rössing or
Husab). Skeleton Coast Uranium is committed to incurring CAD$5 million in exploration
expenditures across the 5 EPLs by June 2028.
Skeleton Coast Uranium trades on the TSX Venture Exchange under the symbol ‘ SKEL’ , on the OTC
under the symbol ‘GLIID’ , and on the Frankfurt Stock Exchange under the symbol ‘KDM0’. Additional
information about Skeleton Coast Uranium can be found at www.sedarplus.com.
Qualified Person
Dr. Nathan Chutas, PhD, CPG, Chief Executive Officer of the Company, is a Qualified Person as
defined by National Instrument 43-101 and has reviewed and approved the scientific and technical
information contained in this news release.
On behalf of the Board of Directors
Glacier Lake Resources Inc.
Dr. Nathan Chutas, PhD, CPG
Chief Executive Officer
T: (236) 334-1660
Forward-Looking Information
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This news release may contain certain “forward -looking information” or “forward -looking
statements” within the meaning of applicable Canadian securities laws and the United States Private
Securities Litigation Reform Act of 1995. When or if used in this news release, the words “anticipate” ,
“believe” , “estimate” , “expect” , “target” , “plan” , “forecast” , “may” , “schedule” and similar words or
expressions identify forward-looking statements or information. Such forward-looking statements or
information may rel ate to, without limitation, the intended use of proceeds from the Offering, the
issuance of the endorsed EPL 9727 following completion of the applicable environmental clearance
certificate process, the Company’s exploration plans, the advancement of the mineral properties
acquired pursuant to the Acquisition and the results of exploration activities in connection therewith
and other factors or information. Such statements represent the Company’s current views with
respect to future events and are necessaril y based upon a number of assumptions and estimates
that, while considered reasonable by the Company, are inherently subject to significant business,
economic, competitive, political and social risks, contingencies and uncertainties. Many factors,
both known and unknown, could cause actual results, performance or achievements to be materially
different from the results, performance or achievements that are or may be expressed or implied by
such forward-looking statements. The Company cautions readers that fo rward-looking statements
and information are subject to certain risks and uncertainties that could cause actual results to differ
materially from those indicated in such statements, including, without limitation, risks related to
regulatory approvals and processes, including the timing and completion of the environmental
clearance certificate process, the use of proceeds not being as anticipated, and exploration results
not meeting expectations. The Company does not intend, and does not assume any obligatio n, to
update these forward -looking statements or information to reflect changes in assumptions or
changes in circumstances or any other events affecting such statements or information other than
as required by applicable laws, rules and regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Mineralization on adjacent or nearby properties, including the Rössing, Husab and Langer Heinrich
mines, is not necessarily indicative of mineralization on the Company's EPLs.