Koryx Copper Inc. has announced the successful close of a C$25 million (approximately N$327.25 million) financing round, with Namibian institutional and private investors accounting for more than 40% of the total capital raised.
According to the company, the financing was secured through a bought deal public offering of 19,047,680 common shares at C$1.05 per share, generating C$20 million (N$261.8 million).
The transaction was led by Stifel Canada and included participation from BMO Capital Markets, Red Cloud Securities, and other underwriters.
“We are also very grateful for the very strong interest shown by Namibian institutional and private investors who made up more than 40% of this financing,” said Koryx CEO Heye Daun.
“This is a very strong vote of confidence from Namibian investors who are playing an increasingly important part in the evolving shareholder base of Koryx Copper and who have endorsed our strategy for the fast-tracked development of the world-class, long-life and low-cost Haib copper deposit in the south of Namibia.”
Alongside the public offering, Koryx also completed a non-brokered private placement of 4,761,844 shares at the same price of C$1.05 (N$13.74) per share, raising an additional C$5 million (N$65.45 million).
Daun said the proceeds from both financing streams will be used to advance technical studies, optimise the development plan, and continue exploration at the Haib copper project. Funds will also go towards working capital and general corporate purposes.
“With this capital in hand, we are well positioned to accelerate technical work, optimize our development plans, and unlock significant value. We are excited for the months ahead as we move rapidly toward key milestones, including the optimization and right-sizing of Haib as we advance toward our PEA and PFS,” he said.
“The momentum is building, and I look forward to sharing our continued progress.”
Finder’s fees amounting to C$374,455 (N$4.9 million) were paid to Cirrus Capital (Pty) Ltd. for its role in the private placement.
Underwriters of the public offering received a 6% commission and 571,430 compensation warrants, each exercisable at C$1.05 (N$13.74) until 31 July 2027.
