Koryx Copper Completes C$5 Million Namibian Placement, Boosting Haib Project Funding to C$51 Million

Koryx Copper ( (TSE:KRY) ) has provided an update.

Koryx Copper has closed a C$5 million non-brokered private placement to predominantly Namibian institutional and retail investors, issuing 2,040,816 common shares at C$2.45 per share, bringing its total recently completed financing to C$51 million in line with a previously closed C$46 million bought deal. Net proceeds from the latest raise will be used to advance technical studies and exploration at the Haib Copper Project in Namibia, as well as for working capital and general corporate purposes, reinforcing the company’s funding base to progress this advanced copper-molybdenum asset, pending final approval of the TSX Venture Exchange.

The most recent analyst rating on (TSE:KRY) stock is a Buy with a C$3.75 price target. To see the full list of analyst forecasts on Koryx Copper stock, see the TSE:KRY Stock Forecast page.

More about Koryx Copper

Koryx Copper Inc. is a Canadian copper development company focused on advancing its 100%-owned Haib Copper Project in southern Namibia, a large, PEA-stage copper-molybdenum porphyry deposit with a long exploration history and extensive drilling, metallurgical work and technical studies. The company is also building a portfolio of copper exploration licences in Zambia, aiming to position itself as a significant player in African copper, with Haib targeted as a potential long-life, low-cost, open-pit sulphide flotation operation with additional heap leach potential.

YTD Price Performance: 5.44%

Average Trading Volume: 121,920

Technical Sentiment Signal: Buy

Current Market Cap: C$249M

For detailed information about KRY stock, go to TipRanks’ Stock Analysis page.