Koryx Copper Inc. has closed a financing package worth N$835.9 million (US$51 million) to advance its flagship Haib Copper Project, the company said.
The proceeds will be used to advance technical studies at the Haib Copper Project, continue exploration activities, and support working capital and general corporate purposes.
Haib is a large, advanced-stage copper project with a long exploration history and is regarded as one of the most significant porphyry copper deposits in southern Africa.
Koryx Copper is focused on positioning Haib as a future long-life, low-cost open-pit copper operation.
“We are delighted with the very strong demand we received from a range of highly respected international investors, which resulted in the financing being significantly oversubscribed. We are particularly pleased with the strong interest from institutional, high net-worth and retail investors in Namibia. We consider it strategically important to continue growing our Namibian ownership base, which is why we facilitated an additional Namibian side-car financing alongside the Canadian bought deal,” the company said.
The funding comprises a N$753.9 million (US$46 million) bought-deal private placement, led by Stifel Canada together with a syndicate of international underwriters, as well as a concurrent N$82.0 million (US$5 million) non-brokered private placement targeted mainly at Namibian institutional and retail investors.
In total, the company issued 18.8 million shares under the bought deal at N$40.16 (US$2.45) per share, with the Namibian placement completed on the same pricing terms. Koryx said the financing was significantly oversubscribed, reflecting strong demand from both global and local investors.
Koryx Copper is a Canadian copper development company focused on advancing its 100% owned Haib Copper Project. Haib is an advanced, preliminary economic assessment-stage copper-molybdenum porphyry deposit with a long history of exploration and project development by multiple operators.
More than 80,000 metres of drilling have been completed at Haib since the 1970s, with major exploration programmes previously led by Falconbridge, Rio Tinto and Teck. Extensive metallurgical testing and technical studies have also been completed to date.
Additional studies are under way to demonstrate Haib’s potential as a long-life, low-cost and low-risk open-pit sulphide flotation copper project, with the potential for additional copper production through heap leaching.
Haib currently hosts a mineral resource of 414 million tonnes grading 0.35% copper, containing 1.46 million tonnes of copper in the Indicated category, and 345 million tonnes grading 0.33% copper, containing 1.14 million tonnes of copper in the Inferred category, based on a 0.25% copper cut-off.
