NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, March 28, 2024 (GLOBE NEWSWIRE) -- Koryx Copper Inc. ("Koryx" or the "Company") (TSX-V: KRY) announces that the Company has closed a non-brokered private placement (the "Offering") for a total gross proceed of $1,505,250.
The Offering closed 23,157,692 units of the Company (each, a "Unit") at a price of C$0.065 per Unit. Each unit consists of one (1) common share and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one (1) common share at an exercise price of $0.10 for thirty-six (36) months from the date of closing of the private placement. Each security issued has a mandatory four (4) month and a 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 TSXV Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") 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% of the private placement.
In addition, the Company paid finders fees totaling 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.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About the Haib Copper Project
The Haib Copper Deposit is a large copper/molybdenum deposit situated 40 kilometers from the southern boundary of Namibia. The license covers 370 square kilometers (37,000 hectares). Over the years the project has seen 70,000 meters of drilling, several metallurgical test work programmes, geophysical surveys, geological mapping, mine modeling 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 licenses 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain "forward-looking statements," as identified in Koryx's periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties.
More information is available by contacting Pierre Léveillé, President & CEO at +1-819-340-0140 or at: info@koryxcopper.com
