Koryx Copper Announces $10 Million Non-Brokered Private Placement
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VANCOUVER, British Columbia, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Koryx Copper Inc. (“Koryx” or the "Company") (TSX-V: KRY) is pleased to announce that it has received commitments for CAD$10,000,000 proceeds pursuant to a non-brokered private placement (the “Offering”) for the sale of up to 9,090,910 common shares of the Company (the “Shares”) at a price of $1.10 per Share.
The Offering is subject to TSX Venture Exchange (“TSXV”) approval, and all Shares issued under the Offering will be subject to a four month hold from the date of issuance. No new control person will be created as a result of the Offering. The total amount of the Offering has been already committed to and the Company expects that the Offering will be fully subscribed.
The net proceeds from the Offering will be used to advance the Haib copper project in Namibia, the Luanshya West and Mpongwe projects in Zambia, and for general working capital purposes.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
Management changes
Further to the appointment of Tony da Silva as the new CFO announced on September 24, 2024, the Board of Directors and management of Koryx would like to thank Ms. Chantelle Collins, our departing CFO for her dedicated and committed service over the last 5 years.
About Koryx Copper Inc.
Koryx Copper Inc. is a Canadian copper development Company focused on advancing the 100% owned, PEA-stage Haib Copper Project in Namibia whilst also building a portfolio of copper exploration licenses in Zambia.
Haib is a large and advanced copper/molybdenum porphyry deposit in southern Namibia with a long history of exploration and project development by multiple operators. Mineralization at Haib is typical of a porphyry copper deposit and the deposit remains intact. Porphyry copper deposits are a major global source of copper with the best-known examples being concentrated around the Pacific Rim, North America and South America. Haib is one of the few examples of a Paleoproterozoic porphyry copper deposit in the world and one of only two in southern Africa (both in Namibia). Due to its age, the deposit has been subjected to multiple metamorphic and deformation events, but still retains many of the classic mineralization and alteration features typical of these deposits. The mineralization is dominantly chalcopyrite with minor bornite and chalcocite present and only minor secondary copper minerals at surface due to the arid environment.