Koryx Copper Inc. has increased the size of its planned share offering with underwriter Stifel Nicolaus Canada Inc. from N$189 million (C$13.5 million) to target approximately N$243 million (C$17.39 million) after strong investor interest.
The money raised will be used mainly to advance technical studies at Koryx’s Haib Copper Project in southern Namibia.
Part will go toward additional exploration work on the property, with the rest supporting working capital and general corporate needs.
Under the new deal, Stifel and its syndicate will buy just over 16.5 million shares at about N$14.70 (C$1.05) each, on a “bought deal” basis.
This means the underwriters have committed to purchase all of the shares, even if market demand isn’t enough to sell them all to investors.
Koryx explained that stronger-than-expected demand led to the increase from its original financing plan.
The company has also given the underwriters an option to buy up to 15% more shares at the same price during the 30 days following closing.
This over-allotment option is meant to meet any extra demand and help keep the share price stable after the offering.
Shares from this offering will be sold using a short-form prospectus in all Canadian provinces and territories except Québec.
They will also be offered privately in the United States under exemptions from U.S. registration rules and in other markets where such sales are legally allowed without a formal prospectus.
Koryx expects to close the offering around 30 July 2025, subject to usual conditions, including regulatory approval from the TSX Venture Exchange.
Under the agreement, the underwriters will receive a commission of up to 6% of the total proceeds.
They will also get compensation warrants equal to up to 3% of the number of shares sold.
Each warrant allows them to buy a Koryx share at the offering price for up to 24 months after issue.
