Koryx Copper Inc. has closed a non-brokered private placement for total gross proceeds of about US$2 million for the sale of 16,665,758 common shares of the company at a pre-consolidation price of $0.12 per share.
All shares issued under the offering are subject to a four-month hold from the date of issuance.
Koryx did not pay any finder’s fees, and no new control person has been created due to the offering.
The net proceeds from the offering will be used for exploration work on the company’s Haib Copper project in Namibia, the Luanshya West project in Zambia, and general working capital purposes.
As announced in the company’s news release on June 11, 2024, the company is completing a consolidation of its issued and outstanding common shares based on one new ordinary share for every five existing ordinary shares.
The consolidation became effective at opening the market on June 14, 2024.
Due to the consolidation, subscribers under the offering receive post-consolidation shares at an effective price of $0.60 per post-consolidation share.
