Koryx Copper Inc. has completed the first tranche of its non-brokered private placement, raising a total of C$9,668,463.20 (N$122 million) by selling 8,789,512 common shares at C$1.10 per share.
The company increased the overall offering size to C$17 million, with the second tranche already fully subscribed and expected to close soon.
“Koryx Copper Inc has closed the first tranche (the first tranche) of the previously announced non-brokered private placement (the offering) on 11 October 2024 raising gross proceeds of C$9,668,463.20 for the sale of 8,789,512 common shares of the Company at C$1.10 per share,” said the company.
The proceeds will fund the Haib Copper Project in Namibia, the Luanshya West Project in Zambia, and general working capital. All shares issued are subject to a four-month hold period.
“The Company paid cash finder’s fees C$66,893.16 as a cash commission on some of the gross proceeds raised under the Offering. No new insider or control person was created as a result of the Offering,” said Koryx.
Koryx Copper Inc. is a Canadian copper development Company focused on advancing the 100% owned, Haib Copper Project in Namibia whilst also building a portfolio of copper exploration licenses in Zambia.
Haib is a large and advanced (PEA-stage) 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 1970’s with significant exploration programs 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.
Haib has a current mineral resource of 414Mt at 0.35% Cu for 1,459mt of contained copper in the Indicated category and 345Mt at 0.33% Cu for 1136Mt of contained copper in the Inferred category (0.25% Cu cut-off).
