Koryx Copper has increased the size of its previously announced public offering to C$17.39 million (N$236 million), following what the company described as “higher-than-expected investor demand.”
Koryx said a syndicate of underwriters led by Stifel Nicolaus Canada Inc. has agreed to purchase 16,563,200 common shares at C$1.05 per share under the upsized bought deal arrangement.
The company has also granted the underwriters a 30-day over-allotment option to buy up to an additional 15% of the offering at the same price.
Proceeds from the financing will be used to fund further technical studies and exploration at the company’s Haib Copper Project in southern Namibia, as well as support working capital and general corporate purposes.
“This financing provides us with the means to move ahead with value-adding work at Haib and pursue our exploration potential,” said Koryx President and CEO Heye Daun.
Located in the //Karas Region, Haib is a large, advanced-stage porphyry copper deposit that has seen periodic exploration since the 1960s. Koryx owns 100% of the project and has undertaken extensive drilling and metallurgical testing.
Daun said the project currently contains a mineral resource of 414 million tonnes at 0.35% copper in the Indicated category and 345 million tonnes at 0.33% in the Inferred category.
The offering is expected to close on or around 30 July 2025, subject to regulatory approvals, including conditional approval from the TSX Venture Exchange.
Shares will be offered through a short-form prospectus in all Canadian provinces and territories except Québec. In the United States, the offering will be made privately under applicable exemptions.
As part of the transaction, underwriters will receive a cash commission of up to 6% of the gross proceeds and compensation warrants equal to up to 3% of the offering. Each warrant will entitle the holder to purchase one common share at the offering price for a period of 24 months.
