Cosa Resources (TSX-V:COSA) has closed an upsized C$12.01 million ($12.24 million) bought deal private placement to advance uranium exploration in Saskatchewan’s Athabasca basin.
The offering comprised 5.84 million common shares at C$0.60 each, 3.05 million Saskatchewan charity flow-through shares at C$0.99 each, 4.02 million national charity flow-through shares at C$0.87 each, and 2.86 million flow-through shares at C$0.70 each.
Velocity Capital Partners led the offering as sole bookrunner, with Haywood Securities as co-lead underwriter and Canaccord Genuity in the syndicate.
Major shareholder Denison Mines (TSX:DML) participated through its pre-emptive and top-up rights, acquiring 750,000 shares. Following the placement, Denison holds 16.2% of Cosa on a partially diluted basis, down from 17.7% previously.
Non-flow-through proceeds will fund exploration, development, and working capital. Flow-through proceeds will be spent on eligible Canadian exploration expenses at Cosa’s Athabasca basin uranium projects by 31 December 2027, with qualifying expenditures renounced to subscribers by 31 December 2026.
Cosa paid underwriters C$570,748 in cash commissions and issued 795,600 compensation warrants exercisable at C$0.60 until 24 June 2028.
Directors and officers participated in the placement, acquiring 778,400 common shares and 363,700 flow-through shares for C$721,630. The insider participation qualified for exemptions from securities regulations.
Cosa operates across 237,000 hectares in northern Saskatchewan through wholly owned and joint venture projects. The company’s 2026 drilling program targets the Murphy Lake North and Darby projects in the eastern Athabasca basin.
Murphy Lake North drilling will follow up uranium mineralisation at the Cyclone trend, while Darby work will test anomalous geochemistry and alteration zones identified in recent and historical drilling.
Cosa Resources is a Canadian uranium exploration company focused on advancing a portfolio of projects across the Athabasca Basin in northern Saskatchewan.
Write to JC Villarba at Mining.com.au
Images: Unsplash
