Koryx Copper Inc. has closed off a combined C$25 million financing round, equivalent to approximately N$343 million, to fast-track the development of its Haib Copper Project in southern Namibia.
The capital was raised through a bought-deal public offering and a concurrent private placement, providing fresh momentum to advance technical studies and optimise the project’s development pathway.
The company completed a public offering of 19,047,680 common shares at C$1.05 per share, generating gross proceeds of C$20,000,064.
This was complemented by a non-brokered private placement of 4,761,844 shares at the same price, raising an additional C$5 million.
At the current exchange rate of N$13.73 to the Canadian dollar, the combined proceeds translate to around N$343 million.
Stifel Canada led the offering as sole bookrunner, supported by a syndicate of underwriters that included Beacon Securities, Haywood Securities, Research Capital, BMO Capital Markets, Red Cloud Securities, and Ventum Financial.
Koryx Copper President and CEO Heye Daun noted the significant participation of Namibian investors, who contributed more than 40% of the total raise.
“This is a very strong vote of confidence from Namibian investors who are playing an increasingly important part in the evolving shareholder base of Koryx Copper and who have endorsed our strategy for the fast-tracked development of the world-class, long-life and low-cost Haib copper deposit in the south of Namibia,” Daun said.
The proceeds will be used to accelerate work on the Haib Copper Project, including ongoing technical studies, project optimisation, and exploration activities ahead of the company’s Preliminary Economic Assessment (PEA) and Pre-Feasibility Study (PFS).
Namibian firm Cirrus Capital (Pty) Ltd. earned C$374,455 (about N$5.14 million) in finder’s fees for the private placement.
The underwriting syndicate received a 6% cash commission and 571,430 compensation warrants exercisable at C$1.05 per share until July 2027.
Insiders, including directors and officers of Koryx, collectively subscribed for 390,476 shares worth C$410,000 (approximately N$5.63 million), qualifying as a related-party transaction under Canadian regulations. However, the transaction falls within the exemption thresholds and does not require approval from minority shareholders.
Final approval from the TSX Venture Exchange remains pending.
The Haib deposit, located near Noordoewer in Namibia’s ǁKaras Region, is one of the oldest known porphyry copper systems globally and is being positioned by Koryx as a long-life, low-cost asset critical to the global energy transition.
