Canadian copper development company Koryx Copper Inc is securing C$10 million (N$128 million) for the development of the Haib copper project in Namibia.
According to a statement from the company, part of this money will also be used for the Luanshya West and Mpongwe projects in Zambia, and for general working capital purposes.
The company says it has received an offer for the sale of up to nine million common shares of the company at a price of C$1.10 per share.
The offer is subject to Toronto Stock Exchange (TSX) Venture Exchange approval, and all shares issued under the deal will be subject to a four-month hold from the date of issuance.
Koryx Copper Inc is focused on advancing the preliminary economic assessment (PEA) stage Haib Copper Project in Namibia, while also building a portfolio of copper exploration licences in Zambia.
A PEA is often the first stage of an economic study and has the lowest accuracy level.
The company recently appointed a new management team, with Tony da Silva as chief financial officer, Charles Creasy as the head of project development, Steve Burks as the senior metallurgical study consultant and Jon Andrew as the vice president of exploration for Namibia and Zambia.
All four are part of the former Osino management team that discovered and advanced Osino's Twin Hills gold project in Namibia until the recent sale to Shanjin Gold International.
They worked together as a team for over five years under Heye Daun and will continue to assist with the ownership transition of Osino, while taking up their new roles at Koryx.
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Daun is now the executive chairman of the Koryx board, while Alan Friedman is the president of the company.
"After investing our own capital in Koryx earlier in 2024 [...] we are fortunate to attract the skilled technical and executive management required to reposition Koryx as a successful Namibian copper developer with significant scale potential," he says.
Haib is a large and advanced copper/molybdenum porphyry deposit in southern Namibia with a long history of exploration and project development by multiple operators.
Mineralisation at Haib is typical of a porphyry copper deposit which remains intact.
Porphyry copper deposits are a major global source of copper with the best-known examples being concentrated around the Pacific Rim, North America and South America.
Haib is one of a few examples of paleoproterozoic porphyry copper deposits in the world, and one of only two in southern Africa - both found in Namibia.
According to the statement, more than 70 000m of drilling has been conducted at Haib since the 1970s, with significant exploration programmes led by companies such as Falconbridge, Rio Tinto and Teck, which remains a strategic and supportive shareholder.
In addition to extensive drilling, metallurgical testing, geophysics and geological mapping, various mine modelling and technical studies have been completed to date.
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