Koryx Copper Closes Second Tranche: $5.2M Boosts Growth and Development

Koryx Copper Inc. (TSX-V: KRY) has successfully closed the second tranche of its oversubscribed private placement, raising a significant $5.2 million. This brings the total gross proceeds to $14.9 million, reflecting strong investor confidence in the company's growth potential and strategic direction. The funds will be allocated to advance the Haib Copper Project in Namibia, the Luanshya West Project in Zambia, and for general working capital purposes.

The strong demand and oversubscription of the private placement can be attributed to several factors. Firstly, the company's flagship Haib Copper Project in Namibia and the Luanshya West Project in Zambia have significant potential, with the Haib Project alone hosting a large copper resource. Secondly, the company's management team and board of directors have a proven track record in the mining industry, with Heye Daun, the executive chairman, having previously led the successful development of the Osino Project in Namibia. Thirdly, the company has attracted prominent investors such as Ross Beaty and Resource Capital Funds, who have supported Koryx since its early stages. Lastly, the company's focus on advancing its projects and delivering an updated PEA around the middle of 2025 has boosted investor confidence in its growth prospects.

The increased investment from Ross Beaty and Resource Capital Funds, totaling $5.2 million, signals their confidence in Koryx Copper's growth prospects and strategic direction. As early-stage supporters of Koryx Copper's Namibian success, their continued investment demonstrates their commitment to the company's development. This influx of capital allows Koryx Copper to advance its Haib Copper Project in Namibia and Luanshya West Project in Zambia, while also bolstering its working capital. The investment from these experienced resource specialists is a strong endorsement of Koryx Copper's potential and underscores the company's attractiveness to institutional and retail investors alike.
With the new funding, Koryx Copper plans to prioritize specific technical activities to advance the Haib Copper Project. These activities include a substantial ramp-up in drilling and technical studies, aiming to deliver an updated PEA around the middle of 2025. This will fast-track the development of the project while continuing to build and enhance the company's project portfolio in Zambia.

The additional capital raised through the private placement has significantly impacted Koryx Copper's financial stability and ability to execute its growth initiatives. The company has raised a total of $14.9 million, with management and associates being the biggest subscribers alongside prominent resource investors like Ross Beaty and Resource Capital Funds. This strong demand and oversubscription reflect investor confidence in Koryx's growth prospects. The additional capital will be used to advance the Haib Copper Project in Namibia and the Luanshya West Project in Zambia, as well as for general working capital purposes. This funding allows Koryx to fast-track development of its flagship Haib Copper Project and continue building its project portfolio in Zambia.
In conclusion, Koryx Copper's successful private placement and strategic allocation of funds position the company for growth and development. With strong investor support and a clear focus on advancing its mining projects, Koryx Copper is well-equipped to create value for stakeholders and capitalize on the growing demand for copper in a sustainable future.