Canadian company Koryx Copper has raised US$9,67 million (about N$180 million) for copper projects in Namibia and Zambia.
The company sold almost nine million of its common shares at US$1.10 per share and realised gross proceeds of US$9,67 million through the first tranche of a non-brokered private placement which closed on 11 October.
Koryx further announced in a statement yesterday that it has increased the size of the offering to raise combined gross proceeds, including this first tranche, of up to US$17 million.
“The second tranche is fully subscribed for and is expected to close shortly. All of the shares issued under the offering are subject to a four-month hold from the date of issuance,” the statement says.
The company paid cash finders fees of about US$67 000 (about N$1.1 million) on some of the gross proceeds raised under the offering.
The statement says the net proceeds from the offering will be used to advance the Haib Copper Project in Namibia in the //Kharas region, the Luanshya West Project in Zambia, and for general working capital purposes.
Koryx Copper Inc is focused on advancing its 100% owned Haib Copper Project in Namibia, and building a portfolio of copper exploration licences in Zambia.
Haib is a large and advanced copper/molybdenum porphyry deposit in southern Namibia, with a long history of exploration and project development by multiple operators.
More than 70 000m of drilling has been conducted at Haib since the 1970s, with significant exploration programmes led by companies including Falconbridge (1964), Rio Tinto (1975) and Teck (2014).
Teck remains a strategic and supportive shareholder.
In addition to extensive drilling and metallurgical testing, various technical studies have been completed at Haib to date revealing a significant copper deposit.
This type of copper deposit is a major global source of copper, with the best-known examples being concentrated around the Pacific Rim, North America and South America.
– email:matthew@namibian.com.na
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