Koryx Copper has raised $9.67 million through a non-brokered private placement to fund its projects in Namibia and Zambia. The company plans to raise up to $17 million, with a focus on its Haib Copper Project in Namibia and the Luanshya West Project in Zambia. The second funding tranche is fully subscribed, indicating strong investor interest.
Koryx Copper, a Canadian mining entity, has successfully secured $9.67 million through the initial tranche of a non-brokered private placement, aimed at funding its copper exploration initiatives in Namibia and Zambia. The company issued nearly nine million shares at a price of $1.10 each, directing the proceeds toward the advancement of the Haib Copper Project located in Namibia’s Kharas region, as well as the Luanshya West Project in Zambia. Furthermore, Koryx intends to raise up to a total of $17 million, with the subsequent tranche having already garnered full subscription and anticipated to close shortly. It is important to note that all issued shares will be subject to a four-month hold period, and a finder’s fee of $67,000 was allocated for a portion of the raised funds. The company is particularly focused on furthering its efforts at the Haib Copper Project, a significant copper and molybdenum porphyry deposit in southern Namibia, which has undergone extensive exploration since the 1970s, with over 70,000 meters of drilling conducted by prior operators.
Koryx Copper is engaged in the exploration and development of copper mining projects, primarily in Namibia and Zambia. The recent fund-raising efforts through a private placement not only exemplify the company’s strategic initiatives to bolster its exploration capabilities but also highlight the growing interest in the copper sector, driven by increasing global demand for copper in various industries, including renewable energy and electric vehicle production. The Haib Copper Project in Namibia represents a key asset for Koryx, with its potential to contribute significantly to copper supply in the regional market.
In summary, Koryx Copper has successfully raised $9.67 million to advance its copper mining projects in Namibia and Zambia. With the second tranche of funding fully subscribed and expected to close soon, the company is on a clear trajectory toward enhancing its exploration efforts, particularly at the Haib Copper Project, which has a rich history of extensive prior exploration. Koryx’s commitment to these vital projects will likely play a crucial role in supporting the growing demand for copper worldwide.
Original Source: energycapitalpower.com
