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Windhoek, Namibia – Koryx, a mineral exploration and development company, has successfully raised an additional N$93 million to fund its flagship Otjihase copper project in Namibia.
The company announced that it had closed a private placement of 14.7 million shares at N$6.30 per share. This capital injection will be used to accelerate development activities at the Otjihase project, including drilling, metallurgical test work, and environmental and social impact assessments.
The Otjihase project, located in the highly prospective Otavi Mountainland, has the potential to become a significant copper producer for Namibia. Koryx has been actively exploring and developing the project, and this latest funding round underscores the company’s commitment to advancing the project towards production.
The additional funds will also provide Koryx with a strong financial position to pursue other growth opportunities in the region. The company is well-positioned to capitalize on the increasing demand for copper, a critical metal for the green energy transition.
