Canadian company Koryx Copper continues to raise additional funds for the development of the Haib copper project in southern Namibia.
According to a statement issued by the company on Friday, the offering grossed
US$5 200 892 (approximately N$93 million) from the sale of 4 728 084 common shares of the company at a price of US$1.10 per share.
The proceeds from the sale of shares will also be used to develop the Luanshya West Project in Zambia, and for general working capital purposes.
Commenting on the offering, Koryx executive chairman Heye Daun says: "We are very pleased with the outcome of this non-brokered equity financing, which had strong demand and was well oversubscribed.
"We appreciate the continued support from our new and previous shareholders, most of whom elected to significantly increase their subscription," he said.
Daun is the former president and chief executive of Osino Resources, who developed the Twin Hills gold project before selling it to the Chinese company, Shanjin International Gold in August.
The first tranche of the Koryx offering consisted of gross proceeds of US$9 668 463.20 (approximately N$174 million) for the sale of 8 789 512 shares at a price of US$1.10 per share.
"Accordingly, upon completion of the second tranche, the company has raised a combined aggregate total gross proceeds of US$14 869 355.60 (approximatelyN$267 million) from the sale of a combined 13 517 596 shares at US$1.10 per share," notes the company statement.
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All of the shares issued under the offering are subject to a four-month hold from the date of issuance and no finders' fees were paid in connection with the second tranche, notes the company.
A significant participation in the offering includes management and associates as the biggest subscribers, as well as a list of well-known resource specialist investors.
"We are particularly pleased that many of our early stage supporters in Osino - our prior Namibian success - such as Ross Beaty and Resource Capital Funds, and many other institutional and retail investors, have elected to come in again in order to support us in advancing our assets and creating value for stakeholders.
"We have already initiated a substantial ramp-up in drilling and technical activities, with the aim of delivering an updated preliminary economic assessment (PEA) around the middle of 2025," says Daun.
The company will soon update the market with further details regarding technical activities geared towards fast-tracking the development of its flagship Haib copper project, while continuing to build and enhance their project portfolio in Zambia.
Koryx Copper is a Toronto-listed copper development company focused on advancing the large-scale, 100% owned, Haib copper project, while also building a portfolio of copper exploration licences 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.
According to the company, more than 70 000m of drilling has been conducted at Haib since the 1970s, with significant exploration programmes led by companies, including Falconbridge (1964), Rio Tinto (1975) and Teck (2014). - email: matthew@namibian.com.na
