Koryx closes offering, announces placement to advance Namibian project
Canadian copper company Koryx Copper has closed its previously announced bought deal private placement offering of an aggregate 18.8-million common shares for aggregate gross proceeds of over C$46-million, inclusive of the exercise in full of the option granted to the underwriters.
The offering was led by Stifel Canada, as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters that includes Beacon Securities, Haywood Securities, Research Capital, Red Cloud Securities, Canaccord Genuity and BMO Capital Markets.
Koryx Copper also announced a strategic non-brokered private placement offering to predominantly Namibian institutional and retail investors, of up to 2.04-million common shares for gross proceeds of $5-million.
The company intends to use the net proceeds of both the offering and placement to advance technical studies on the Haib copper project, in Namibia, and continue exploration on the property, working capital and general corporate purposes.
“We are delighted with the very strong demand which we received from a range of highly respected international investors which rendered this financing so significantly oversubscribed. We are particularly pleased with the strong interest received from various institutional, high net-worth and general retail investors from Namibia.
“We consider it as strategically important to continue to grow our Namibian ownership base, which is why we facilitated this additional Namibian side-car financing in addition to the Canadian bought deal,” says Koryx Copper CEO and president Heye Daun.
The offering remains subject to the final approval of the TSX-V.
