Koryx Copper Secures $9.67 Million for Copper Projects in Namibia and Zambia

Canadian mining company Koryx Copper has raised $9.67 million through a non-brokered private placement to fund its copper projects in Namibia and Zambia, particularly the Haib Copper Project and the Luanshya West Project. Nearly nine million shares were sold at $1.10 each, and a second tranche of funding is fully subscribed. The company remains focused on advancing its operations, supported by extensive historical exploration work.

Koryx Copper, a Canadian mining enterprise, has successfully secured $9.67 million through the first tranche of a non-brokered private placement aimed at funding its copper exploration projects in both Namibia and Zambia. The company issued nearly nine million shares priced at $1.10 each, with the proceeds designated for the advancement of the Haib Copper Project located in Namibia’s Kharas region, as well as the Luanshya West Project in Zambia. Koryx is in the process of raising a total of up to $17 million, with the second tranche already fully subscribed and nearing completion. The shares issued are subject to a four-month hold period, and a cash finder’s fee amounting to $67,000 was allocated from a portion of the raised funds. The company remains committed to the progress of the Haib Copper Project, which consists of a copper/molybdenum porphyry deposit in southern Namibia and has undergone extensive drilling and exploration since the 1970s, with over 70,000 meters completed by previous operators.

The venture of Koryx Copper into the copper mining industry is part of a larger trend of increased investment in mineral exploration, particularly in Africa, which is home to rich mineral resources. The Haib Copper Project holds significant historical exploration value, having seen rigorous activity since the 1970s. The successful fundraising through private placement underscores the attractiveness of copper projects in the current market and highlights Koryx’s strategic efforts to capitalize on this potential.

In summary, Koryx Copper has effectively raised $9.67 million for its copper projects in Namibia and Zambia, signaling strong investor confidence and keen interest in copper mining initiatives. With ongoing development plans for the Haib Copper Project and a fully subscribed second funding tranche, Koryx is poised for significant advancements in its projects. This progression not only aids the company in enhancing its operational capabilities but also positions it strategically within the evolving mining landscape.

Original Source: energycapitalpower.com