Canadian mining company Koryx Copper has raised $9.67 million through a non-brokered private placement to fund its copper projects in Namibia and Zambia, specifically the Haib Copper Project and Luanshya West Project. The second tranche of funding is fully subscribed, targeting a total raise of $17 million.
Koryx Copper, a Canadian mining firm, has successfully raised $9.67 million through the initial tranche of a non-brokered private placement. This capital will be allocated towards the company’s copper exploration initiatives in Namibia and Zambia. The financing was achieved by the sale of nearly nine million shares at a unit price of $1.10, which will specifically facilitate advancements at the Haib Copper Project located in the Kharas region of Namibia and the Luanshya West Project in Zambia. The firm has plans to secure a total of $17 million, with a second tranche already fully subscribed and anticipated to close shortly. It is noteworthy that all shares issued are subject to a holding period of four months. Additionally, a finder’s fee amounting to $67,000 was compensated for facilitating a portion of the financing arrangement. Koryx is particularly committed to its Haib Copper Project, which represents a copper/molybdenum porphyry deposit in southern Namibia. This site has undergone extensive exploration since the 1970s, culminating in over 70,000 meters of drilling undertaken by previous operators. The ongoing investment is a testament to the company’s determination to further develop this significant resource and expand its operational footprint in the region.
This article discusses the recent fundraising efforts by Koryx Copper, a Canadian entity focused on copper mining projects. The focus of Koryx’s endeavors is the advancement of the Haib Copper Project in Namibia and the Luanshya West Project in Zambia. The successful raise of $9.67 million from private placements reflects the company’s proactive approach towards financing its growth strategy in the copper mining sector. The significance of copper as a vital industrial metal, along with the company’s historical focus on the Haib project, underscores the importance of this funding.
In summary, Koryx Copper has made significant strides in securing $9.67 million through a private placement to further its copper mining initiatives in Namibia and Zambia. The company exhibits a strong commitment to advancing its Haib Copper Project, backed by extensive historical exploration data. With increased funding objectives and an engaged investor base, Koryx aims to solidify its position in the copper mining industry.
Original Source: energycapitalpower.com
