Koryx Copper has strengthened its funding position with a C$46 million bought-deal financing, equivalent to about N$630 million, and a concurrent C$5 million Namibian placement of roughly N$68 million, providing fresh capital to advance technical studies and exploration at the Haib Copper Project in southern Namibia.
The Vancouver-based company said on 20 January 2026 that it issued 18,776,050 common shares at C$2.45 per share, generating gross proceeds of C$46.0 million after the whole exercise of the underwriters’ option.
Stifel Canada led the bought deal as lead underwriter and sole bookrunner, supported by Beacon Securities, Haywood Securities, Research Capital, Red Cloud Securities, Canaccord Genuity and BMO Capital Markets.
Bought-deal financings are often viewed as a strong endorsement by underwriters, as they commit their own balance sheets upfront.
In Koryx’s case, the structure delivered immediate funding certainty, allowing the company to move decisively on the next phase of work at Haib, one of Namibia’s largest known copper deposits and a potential long-life, large-scale development.
Alongside the Canadian transaction, Koryx launched a strategic Namibian “side-car” placement of up to 2,040,816 shares at the same C$2.45 price, targeting gross proceeds of C$5 million, or about N$68 million.
The placement is aimed primarily at Namibian institutional and retail investors, with proceeds earmarked for mineral exploration, working capital and general corporate purposes.
Finder’s fees of up to 3% in cash may be payable in connection with the Namibian offering.
President and chief executive officer Heye Daun said the financing was heavily oversubscribed and reflected both international confidence in the Haib project and the company’s commitment to building local ownership.
“We are delighted with the very strong demand which we received from a range of highly respected international investors which rendered this financing so significantly oversubscribed,” Daun said.
“We are particularly pleased with the strong interest received from various institutional, high net-worth and general retail investors from Namibia. We consider it strategically important to continue to grow our Namibian ownership base,” he said.
The common shares issued under the bought deal were sold under Canada’s listed issuer financing exemption and are not subject to a statutory hold period.
The offering also included private placements in the United States and other jurisdictions in compliance with applicable securities laws.
Koryx said the net proceeds from the combined financings, totalling about N$698 million, will be applied toward advancing technical studies at Haib, continuing exploration across the property, and supporting ongoing working capital and corporate activities.
As part of the transaction, the underwriting syndicate received a 6% cash commission, subject to reductions on certain president’s list sales, and 563,281 compensation warrants equal to 3% of the shares sold.
Each warrant is exercisable at C$2.45 until 20 January 2028.
The financing remains subject to final approval by the TSX Venture Exchange.
