Koryx Copper Inc. will sell more than 16 million shares to raise N$26.6 million (C$2,000,000) to advance the Haib copper project in Namibia and the Luanshya West project in Zambia.
Last week, Koryx Copper Inc. said the Haib project deposit can deliver high grades over substantial widths within the known historical resource.
The Haib copper deposit, under license 3140, is near Noordover in the extreme south of Namibia, close to the border with South Africa.
CEO Pierre Léveillé said they will shift focus to updating the Haib copper project after releasing the 2023–2024 drill program results.
Since the resumption of drilling in October 2023, Koryx has drilled 26 of the planned holes for this campaign, totalling 4,861 meters.
The company also announced that its board of directors had approved consolidating all its issued and outstanding shares based on one new ordinary share for every five existing shares, subject to TSXV approval.
The consolidation is expected to reduce the number of presently issued and outstanding shares of the company from 227,445,142 to approximately 45,489,029 post-consolidation shares, subject to adjustment for rounding.
If the offering is fully subscribed, 244,111,808 shares would be issued and outstanding immediately before the consolidation and approximately 48,822,362 post-consolidation shares upon completion.
The company believes that consolidation will enhance its capital in a more market-friendly structure, putting it in a better position to attract additional capital and assist in executing its business plans. The consolidation is subject to the approval of the TSXV.
The company does not intend to change its name or current trading symbol concerning consolidation. The effective date of the consolidation will be announced in a subsequent news release.
