TSX-V-listed Koryx Copper has closed its previously announced bought deal public offering of an aggregate of 19.05-million common shares of the company at a price of C$1.05 per common share for aggregate gross proceeds to the company of C$20-million.

This includes the exercise, in full, of the over-allotment option granted to the underwriters.

It also closed a concurrent non-brokered private placement of an aggregate 4.76-million common shares also at the issue price for total gross proceeds of about C$5-million.

The company intends to use the net proceeds of the offering and placement to advance technical studies on its Haib copper project, in Namibia, as well as to continue exploration on the property. The funds raised will also go towards working capital and general corporate purposes.

Koryx says 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 Inc, Research Capital Corporation, BMO Capital Markets, Red Cloud Securities Inc and Ventum Financial Corp.

“We are delighted with the continued support received from our longstanding shareholders, especially Ross Beaty, and a number of European and North American financial institutions who have invested with us repeatedly over the years. In addition, the Koryx executive team followed my significant investment, into this financing.

“We are also very grateful for the very strong interest shown by Namibian institutional and private investors who made up more than 40% of this financing,” says Koryx president and CEO Heye Daun.

Daun describes this deal as a strong vote of confidence from Namibian investors who are playing an increasingly important part in the evolving shareholder base of Koryx Copper and who have endorsed the company’s strategy for the fast-tracked development of the Haib copper deposit.

“With this capital in hand, we are well positioned to accelerate technical work, optimise our development plans and unlock significant value.

“We are excited for the months ahead as we move rapidly toward key milestones, including the optimisation and rightsizing of Haib as we advance toward our preliminary economic assessment and prefeasibility study. The momentum is building, and I look forward to sharing our continued progress,” he says.