Koryx announces $25m bought deal financing
TSX-V-listed Koryx Copper has agreed to a bought deal private placement offering of 10.21-million common shares at a price of C$2.45 a piece for aggregate gross proceeds of C$25-million to advance technical studies on the Haib copper project, in Namibia, and continue exploration on the property, working capital and general corporate purposes.
Stifel Canada will act as sole bookrunner, together with a syndicate of underwriters.
Koryx says it has granted the underwriters an option to buy, or arrange for substituted buyers to buy, up to an additional 1.53-million common shares at the issue price on the same terms and conditions as the offering.
The underwriters' option will be exercisable, in whole or in part, at any time up until 48 hours prior to the closing of the offering.
Koryx describes Haib as a future long-life, low-cost, low-risk openpit, sulphide flotation copper project with the potential for additional copper production from heap leaching.
The project has a current mineral resource of 414-million tonnes at 0.35% copper for 1.46-billion tonnes of contained copper in the Indicated category and 345-million tonnes at 0.33% copper for 1.14-billion tonnes of contained copper in the Inferred category.
