TSX-listed Koryx Copper has closed the first tranche of a previously announced non-brokered private placement on October 11, raising about N$167 million for the sale of about 8.7-million common shares for N$19 each.
The company has now increased the size of the offering to raise combined gross proceeds, including the first tranche, of up to N$296 million. This second tranche is fully subscribed for and is expected to close shortly, Koryx said on October 15.
The net proceeds from the offering will be used to advance the Haib copper project, in Namibia, the Luanshya West project, in Zambia, and for general working capital purposes, the company said.
Koryx is currently focused on advancing Haib. More than 70 000 m of drilling has been conducted at Haib since the 1970s.
In addition to extensive drilling and metallurgical testing, various technical studies have been completed at Haib, with the project currently hosting a mineral resource of 414-million tonnes at 0.35% copper for about 1.4-billion tonnes of contained copper in the indicated category and 345-million tonnes at 0.33% copper for about 1.1-billion tonnes of contained copper in the inferred category, at a 0.25% copper cut-off.