Koryx Copper, a Canadian mining company, has raised $9.67 million through a private placement to fund its copper projects in Namibia and Zambia. The funding will support the Haib Copper Project in Namibia and the Luanshya West Project in Zambia. The company aims to raise up to $17 million in total, with the second tranche fully subscribed and gearing up for closure.
Koryx Copper, a Canadian mining enterprise, has successfully garnered $9.67 million through the initial tranche of a non-brokered private placement aimed at funding copper projects in Namibia and Zambia. The company issued nearly nine million shares at a price of $1.10 each, with the capital raised intended to facilitate progress on the Haib Copper Project located in Namibia’s Kharas region and the Luanshya West Project in Zambia. Koryx has intentions to raise a total of up to $17 million, with the second tranche of shares already fully subscribed and scheduled for imminent closing. All shares issued are subject to a four-month hold period, and a finder’s fee amounting to $67,000 is applicable to a portion of the raised funds. The company exhibits its unwavering commitment to advancing the Haib Copper Project, characterized as a copper/molybdenum porphyry deposit in southern Namibia, which has undergone extensive exploration efforts since the 1970s, incorporating over 70,000 meters of drilling conducted by previous operators.
The mining industry, especially in copper extraction, has seen a notable interest from various companies due to the increasing global demand for copper, driven largely by technological advancements and infrastructure development worldwide. The region of Namibia, particularly known for its mineral wealth, has been a focal point for mining companies. Koryx’s operations in the Kharas region, particularly with the Haib Copper Project, underline the historical significance and potential of this area. Zambia also presents a promising landscape for copper mining, with its rich mineral deposits. This funding initiative highlights Koryx’s strategic efforts to expand and develop these key projects, thereby positioning itself favorably within the competitive mining sector.
In conclusion, Koryx Copper has successfully raised $9.67 million to advance its significant copper projects in Namibia and Zambia. This funding will enable the company to further its exploration efforts, particularly at the Haib Copper Project, which has historically shown promise for copper and molybdenum extraction. The ongoing interest in mining ventures in these regions reinforces the vital role of copper as a resource in the global economy, and Koryx’s strategic financial moves signal its commitment to realizing the full potential of its projects.
Original Source: energycapitalpower.com
