Koryx Copper has raised $9.67 million through a private placement, aimed at advancing its copper projects in Namibia and Zambia. Nearly nine million shares were sold at $1.10 each, with intentions to raise a total of $17 million. The company is devoted to the Haib Copper Project in Namibia, which has a long history of exploration.
Koryx Copper, a Canadian mining enterprise, has successfully secured $9.67 million through the initial tranche of a non-brokered private placement to support its copper mining efforts in Namibia and Zambia. The company sold nearly nine million shares at a price of $1.10 each, with the proceeds earmarked for the advancement of the Haib Copper Project located in Namibia’s Kharas region, as well as the Luanshya West Project in Zambia. Plans are in place to raise a total of up to $17 million, with the second tranche already fully subscribed and anticipated to close shortly. It is important to note that all issued shares are subject to a four-month hold period, and a cash finder’s fee of $67,000 was allocated to a portion of the funding raised. Koryx remains committed to progressing its Haib Copper Project, which is classified as a copper/molybdenum porphyry deposit in southern Namibia. This project has a rich history of exploration dating back to the 1970s, with prior operators having conducted over 70,000 meters of drilling in the area.
The mining industry is pivotal in many countries, particularly in regions rich in natural resources such as copper. Copper is a vital metal used in various applications, making its extraction and processing crucial for economic development. Koryx Copper’s projects in Namibia and Zambia are strategically significant, given the global demand for copper and the resource-rich environments of these two nations. The ongoing investments aim to enhance the company’s operational capacity and contribute positively to the local economies.
In summary, Koryx Copper’s recent fundraising success underscores the company’s strategic intent to bolster its copper projects in Namibia and Zambia. With nearly $10 million raised in the initial tranche and plans for additional funding, Koryx is positioned to further its operations significantly. The commitment to the Haib Copper Project, supported by extensive previous exploration, reinforces the company’s focus on developing key mineral resources essential for the industry’s growth.
Original Source: energycapitalpower.com
