Koryx Copper Raises Over C$46 Million in Bought-Deal Financing to Advance Haib Copper Project
Canadian copper developer Koryx Copper has closed its previously announced bought-deal private placement, issuing a total of 18.8 million common shares for gross proceeds exceeding C$46 million, including the full exercise of the underwriters’ option.
The offering was led by Stifel Canada as lead underwriter and sole bookrunner, on behalf of a syndicate that included Beacon Securities, Haywood Securities, Research Capital, Red Cloud Securities, Canaccord Genuity, and BMO Capital Markets.
In addition to the bought deal, Koryx announced a strategic non-brokered private placement targeting predominantly Namibian institutional and retail investors. The placement consists of up to 2.04 million common shares for gross proceeds of approximately $5 million.
The company said the net proceeds from both financings will be used to advance technical studies at the Haib copper project in Namibia, continue exploration activities on the property, and fund working capital and general corporate purposes.
“We are delighted with the very strong demand from a range of highly respected international investors, which resulted in this financing being significantly oversubscribed,” said Heye Daun, CEO and president of Koryx Copper. “We are particularly encouraged by the strong interest from institutional, high-net-worth, and retail investors in Namibia.
“It is strategically important for us to continue growing our Namibian shareholder base, which is why we facilitated this additional Namibian sidecar financing alongside the Canadian bought deal,” Daun added.
The offering remains subject to final approval from the TSX Venture Exchange.
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