Canadian-listed Koryx Copper Inc. has entered into an agreement with Stifel Nicolaus Canada Inc. to raise just over C$10 million (approximately N$140 million) to fund technical studies and further exploration work at its Haib Copper Project in southern Namibia.
Exploration company said Stifel will act as lead underwriter and sole bookrunner for a syndicate of underwriters that has agreed to purchase, on a bought deal basis, 9.52 million common shares of Koryx at a price of C$1.05 per share.
The offering is expected to generate gross proceeds of C$10,000,200, and is scheduled to close on or around 30 July 2025, subject to approval from the TSX Venture Exchange and other customary conditions.
Koryx said the funds raised will be used “to advance technical studies on the Haib Copper Project and continue exploration on the property”, as well as for general corporate purposes.
The company has also granted the underwriters an over-allotment option to purchase up to 15% additional shares at the same price, exercisable for 30 days following the closing.
In connection with the offering, Koryx will pay a cash commission of up to 6% on gross proceeds and issue compensation warrants equal to up to 3% of the shares sold. Each warrant will allow underwriters to buy one share at the offering price within 24 months.
The shares will be offered through a short form prospectus in all Canadian provinces and territories, except Québec. They will also be sold privately in the United States under applicable exemptions from the U.S. Securities Act of 1933 and in certain other jurisdictions outside Canada.
Koryx Copper is focused on developing its 100%-owned Haib Copper Project in Namibia and holds two additional exploration licences on Zambia’s copper belt. The Haib project, located in southern Namibia, is a large, PEA-stage copper-molybdenum porphyry deposit with a long exploration history.
