Koryx Copper Raises N$21 Million for Exploration Projects in Namibia and Zambia
Koryx Copper Inc. has successfully raised N$21 million (C$1.505.250) through a private placement to fund further exploration projects in Namibia and Zambia, as well as for general working capital.
The company offered 23,157,692 units at C$0.065 per unit, with each unit comprising one common share and one common share purchase warrant.
Each warrant allows the holder to purchase one common share at an exercise price of $0.10 within thirty-six (36) months from the closing date of the private placement.
All securities issued are subject to a mandatory four-month and one-day hold period, as per applicable securities laws.
Koryx intends to rely on exemptions from formal valuation and minority approval requirements, citing its non-listing on specified senior stock exchanges and financial hardship. These transactions aim to improve the company’s financial position.
The company’s focus includes the Haib Copper Deposit, a significant copper/molybdenum deposit located 40 kilometers from Namibia’s southern boundary.
The license encompasses 370 square kilometers (37,000 hectares) and has undergone extensive exploration activities over the years, including drilling, metallurgical test work, geophysical surveys, and feasibility studies.
Additionally, Koryx Copper holds interests in three exploration licenses in the Copperbelt region of Zambia.
SOURCE:theextractormagazine.com
