Koryx raises N$40.3m for Haib in third tranche offering

Canadian company Koryx Copper Incorporated, which is developing the Haib Copper Project, has closed the third tranche of its offering, raising C$3.1 million (N$40.3 million).

This brings the total amount in this financing to C$18 million (N$234 million) for the development of the company’s 100% owned flagship project at Haib in southern Namibia and others in Zambia.

According to a statement from the company, the latest offering was for the sale of of 2 818 182 common shares of the company at a price of C$1.10 (N$14.30) per share, for a cumulative total of C$17 969 355.60 raised.

The first and second tranches of the offering consisted of gross proceeds of C$14 869 355.60 (about N$192 million) for the sale of 13 517 596 shares at a price of C$1.10 per share.

Commenting on the offer, Koryx executive chairman Heye Daun, commented: “We are delighted and very thankful for the strong support, which our longstanding financial supporters, especially Ross Beaty, RCF and others have shown us once again.”

“With new leadership in place, a proven technical team and a selection of top-class Namibian and international engineering groups and technical consultants, whom we have worked with for many years, we now have all the ingredients in place to give the development of the Haib Copper Project a major push,” says Daun.

He is the former chief executive and president of Osino Resources, which owned the Twin Hills gold project in Namibia which was recently sold to Chinese company Shanjin International Gold for C$368 million (about N$4.8 billion).

He says they had already started putting in place the necessary infrastructure to accelerate the drilling and study activities at Haib, with the aim of proving its technical and economic feasibility during 2025.

An 8 200m phase two drill programme has begun at Haib Copper Project.

This programme is intended to follow up on the highly successful phase one drill programme completed in the first half of this year, which delivered some of the highest-grade copper and molybdenum intercepts drilled in the history of the project.

“Initial results are expected towards the end of November,” says the statement.

Meanwhile, in its Zambia operations, the company’s exploration licences at Luanshya West and Mpongwe have been renewed for a three-year period starting on 25 August, but the company has decided not to apply for renewal of the Chillilabomwe licence.

– email: [email protected]