Koryx Copper Secures CAD 10 Million in New Funding Strategy
Koryx Copper Announces Significant Capital Raise
Koryx Copper Inc. (“Koryx” or the "Company") (TSX-V: KRY) has made headlines with its recent announcement of securing commitments for a substantial CAD$10,000,000 through a non-brokered private placement. This strategic fundraising initiative involves the issuance of up to 9,090,910 common shares, priced at $1.10 per share, allowing the Company to bolster its financial foundation.
Details of the Private Placement Offering
The private placement is currently pending approval from the TSX Venture Exchange (“TSXV”). Once approved, it will ensure that all shares issued are subject to a mandatory hold period of four months, maintaining the integrity of the offering. The Company is assured that the offering will be fully subscribed, demonstrating strong investor confidence and a commitment to supporting Koryx's growth trajectory.
Utilization of Proceeds
Koryx Copper plans to effectively channel the net proceeds from this financing towards advancing various critical projects, including the Haib copper project located in Namibia, alongside the Luanshya West and Mpongwe projects in Zambia. This allocation not only signifies a focused approach to developing their core operating projects but also underscores the Company’s intention to enhance its operational capabilities and market presence.
Leadership Transition within Koryx
In connection to recent developments, Tony da Silva has been appointed as the new Chief Financial Officer, bringing renewed energy to the management team. The Board of Directors expresses gratitude towards Ms. Chantelle Collins, the outgoing CFO, for her exceptional leadership and dedication throughout her five-year tenure, marking an important transition within the Company's leadership.
Understanding Koryx Copper's Vision
Koryx Copper Inc. is a prominent Canadian copper development Company that actively focuses on advancing its wholly owned Haib Copper Project, which is currently in the Preliminary Economic Assessment (PEA) stage. By continuously expanding its portfolio with copper exploration licenses in Zambia, Koryx aims to secure its position as a leader in the copper sector.
Diving Into the Haib Copper Project
The Haib Copper Project in Namibia is a noteworthy endeavor characterized by a large and advanced copper/molybdenum porphyry deposit. With a rich history of exploration, it offers a promising landscape for future development. This deposit exemplifies the qualities of a typical porphyry copper deposit, ensuring a significant resource base for the Company.
Competitive Advantages of Haib
As one of the few Paleoproterozoic porphyry copper deposits worldwide and one of only two found in southern Africa, the Haib project holds a unique competitive advantage. Despite facing natural metamorphic alterations over the years, the integrity of its mineralization remains largely intact, primarily consisting of chalcopyrite, with traces of bornite and chalcocite, adapted to its arid surrounding environment.
Significant Exploration History
Since the 1970s, Haib has been the center of extensive drilling endeavors, exceeding 70,000 meters, led by accomplished companies such as Falconbridge, Rio Tinto, and Teck, which remains a strategic supporter. These efforts coincide with comprehensive metallurgical testing, geophysical assessments, and geological mapping, all contributing to a robust understanding of this significant copper resource.
Contact Information for Koryx Copper
More information can be obtained by reaching out to the Koryx team directly:
Julia Becker
Corporate Communications
Email: jbecker@Koryxcopper.com
Phone: 604-785-0850
Frequently Asked Questions
What is the purpose of the CAD $10 million raised by Koryx Copper?
The funds will primarily be used for advancing the Haib copper project, along with other projects in Zambia and general working capital.
Who is the new CFO of Koryx Copper?
Tony da Silva has been designated as the new Chief Financial Officer, succeeding Ms. Chantelle Collins.
What sets the Haib Copper Project apart?
Haib is one of the only Paleoproterozoic porphyry copper deposits in the world, giving it a unique status and potential in the copper industry.
Which companies have previously explored Haib?
Notable companies include Falconbridge, Rio Tinto, and Teck, which have all contributed to the project's extensive drilling and testing since the 1970s.
Where can more information about Koryx Copper be found?
Details can be found on Koryx's official website or through their profile on regulatory platforms like SEDAR+.
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