Koryx Copper Inc. has raised N$21 million (C$1.505.250) through a private placement to explore further projects in Namibia and Zambia and for general working capital.
The company offered 23,157,692 units at C$0.065 per unit.
Each unit consists of one common share and one common share purchase warrant.
Each warrant entitles the holder thereof to purchase one common share at an exercise price of $0.10 for thirty-six (36) months from the private placement’s closing date.
Each security issued has a mandatory four-month and one-day hold period from the closing date of the placement and by applicable securities laws.
Koryx intends to rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(b) and 5.7(e) of MI 61-101 on the basis that the company is not listed on any specified senior stock exchanges and that the company is facing financial hardship, and the transactions are designed to improve the company’s financial position.
The Haib Copper Deposit is a large copper/molybdenum deposit 40 kilometres from Namibia’s southern boundary.
The license covers 370 square kilometers (37,000 hectares). Over the years, the project saw 70,000 meters of drilling, several metallurgical test work programmes, geophysical surveys, geological mapping, mine modelling, and even a feasibility study in 1996.
Koryx Copper holds an interest in three exploration licenses in the Copperbelt in Zambia.
