Koryx Copper has raised $9.67 million for its copper projects in Namibia and Zambia through a private placement. Nearly nine million shares were sold at $1.10 each, with plans to raise up to $17 million in total. The company is focused on advancing the Haib Copper Project and has a fully subscribed second tranche set to close soon.
Koryx Copper, a Canadian mining entity, has successfully garnered $9.67 million through the initial tranche of a non-brokered private placement, which is aimed at funding its copper exploitation projects in Namibia and Zambia. The company issued nearly nine million shares at a price of $1.10 per share, with the proceeds allocated primarily for the advancement of the Haib Copper Project situated in the Kharas region of Namibia, as well as the Luanshya West Project in Zambia. Furthermore, Koryx intends to raise a total of $17 million, and it is noteworthy that the second tranche has already been fully subscribed and is expected to close shortly. It should be mentioned that all shares issued are subject to a four-month hold period, and a cash finder’s fee amounting to $67,000 was distributed in relation to a portion of the raised financing. Koryx remains committed to progressing the Haib Copper Project, which represents a significant copper/molybdenum porphyry deposit located in southern Namibia, having been the subject of extensive exploration activities since the 1970s, and over 70,000 meters of drilling has been accomplished by prior operators.
The copper mining industry in Africa continues to attract investment due to its rich mineral deposits and growing demand for copper in various applications, including electric vehicles and renewable energy technologies. Koryx Copper, focused on two significant projects in Namibia and Zambia, is part of this trend as it seeks to capitalize on the demand for copper. The Haib Copper Project, which has historical exploration success, and the Luanshya West Project, present promising opportunities for further development.
In summary, Koryx Copper’s successful raise of $9.67 million will significantly bolster its copper projects in Namibia and Zambia. The strong interest in the second tranche indicates favorable market conditions for mining investments. Koryx’s commitment to advancing the Haib Copper Project, along with its strategic plans for further financing, positions the company for potential growth in the copper sector.
Original Source: energycapitalpower.com
