Koryx Copper Secures $9.67 Million for Enhancing Namibian and…

Koryx Copper, a Canadian mining company, has raised $9.67 million through a non-brokered private placement aimed at funding its copper exploration projects in Namibia and Zambia. The company plans to raise an additional $17 million as it seeks to develop the Haib Copper Project in Namibia and the Luanshya West Project in Zambia. All funds are subject to a four-month hold, and a finder’s fee of $67,000 was paid. The company’s commitment to advancing these projects underscores the potential of the areas involved.

Koryx Copper, a Canadian mining firm, has successfully secured $9.67 million through the initial tranche of a non-brokered private placement aimed at financing its copper exploration projects situated in Namibia and Zambia. The company executed the sale of nearly nine million shares, priced at $1.10 each. The capital raised is specifically earmarked for progressing the Haib Copper Project in the Kharas region of Namibia and the Luanshya West Project in Zambia. Koryx has plans to ultimately raise up to $17 million, with the forthcoming tranche already fully subscribed and anticipated to close shortly. It is pertinent to note that all shares issued are subject to a four-month hold period, and a finder’s fee amounting to $67,000 has been compensated on a portion of the funds acquired. The company remains steadfast in its commitment to advancing the Haib Copper Project, a significant copper/molybdenum porphyry deposit in southern Namibia that has been under extensive exploration since the 1970s, during which over 70,000 meters of drilling has been conducted by various operators.

The background of this article revolves around Koryx Copper’s ongoing efforts to advance its mining capabilities in Southern Africa, particularly in Namibia and Zambia, where it operates significant copper projects. The recent fundraising activities via a private placement indicate a strong interest in financing copper mining, which is crucial given the rising demand for copper in various industrial applications. The Haib Copper Project has substantial historical significance, having undergone decades of exploration and drilling, which underlines its potential viability as a noteworthy mining project. The securing of funds represents not only a step toward project advancement but also reflects confidence in the region’s mining prospects amidst growing global interest in mining investments.

In conclusion, Koryx Copper’s successful fundraising of $9.67 million marks a significant advancement for its copper projects in Namibia and Zambia. This capital will facilitate continued exploration and development of the Haib Copper Project and the Luanshya West Project. As the company aims to raise a total of $17 million, the fully subscribed second tranche demonstrates robust investor confidence. The substantial historical drilling data and the commitment to advance these projects position Koryx Copper favorably within the mining sector.

Original Source: energycapitalpower.com