01:57:59 EDT Mon 24 Jun 2024
Enter Symbol
or Name

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Koryx Copper Inc
Symbol KRY
Shares Issued 201,951,296
Close 2024-03-28 C$ 0.08
Market Cap C$ 16,156,104
Recent Sedar Documents

Koryx Copper closes $1.5-million private placement

2024-03-28 15:03 ET - News Release

Mr. Pierre Leveille reports


Koryx Copper Inc. has closed a non-brokered private placement for a total gross proceed of $1,505,250.

The offering closed 23,157,692 units of the company at a price of 6.5 cents per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at an exercise price of 10 cents for 36 months from the date of closing of the private placement. Each security issued has a mandatory four-month-and-one-day hold period from the closing date of the placement and in accordance with applicable securities laws.

A portion of the private placement constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, adopted in the policy. The company intends to rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(b) and 5.7(e) of MI 61-101 on the basis that the company is not listed on any specified senior stock exchanges and that the company is facing financial hardship, and the transactions are designed to improve the company's financial position. Existing insiders participated in the private placement for an aggregate amount of $4,500, being 0.3 per cent of the private placement.

In addition, the company paid finders' fees totalling 1,346,154 units with the same terms of the offering.

The proceeds of the private placement will be used for further exploration on the projects in Namibia and Zambia and for general working capital.

About the Haib copper project

The Haib copper deposit is a large copper/molybdenum deposit situated 40 kilometres from the southern boundary of Namibia. The licence covers 370 square kilometres (37,000 hectares). Over the years, the project has seen 70,000 metres of drilling, several metallurgical test work programs, geophysical surveys, geological mapping, mine modelling and even a feasibility study in 1996. Koryx Copper holds all the historical data.

About Koryx Copper Inc.

Koryx Copper is a mineral exploration and development company. Koryx growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. The company holds the Haib copper project in Namibia and holds an interest in three exploration licences in the Copperbelt in Zambia. In using and assessing environmentally friendly technologies in the development of its copper projects, Koryx Copper embraces the green revolution.

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