Koryx Copper Closes Non-Brokered Private Placement and Completes Share Consolidation
VANCOUVER, June 17, 2024 - Koryx Copper Inc. ("Koryx" or the "Company") (TSX-V: KRY) is pleased to announce that it has closed a non-brokered private placement (the "Offering") for a total gross proceeds of $1,999,890.96 for the sale of 16,665,758 common shares of the Company (the "Shares") at a pre-Consolidation price of $0.12 per Share.
All Shares issued under the Offering are subject to a four month hold from the date of issuance. The Company did not pay any finder's fees and no new control person has been created as a result of the Offering.
The net proceeds from the Offering will be used for exploration work on the Company's Haib Copper project in Namibia, the Luanshya West project in Zambia, and for general working capital purposes.
As announced in the Company's news release on June 11, 2024, the Company is completing a consolidation of its issued and outstanding common shares on the basis of one (1) new common shares for every five (5) existing common shares (the "Consolidation"). The Consolidation became effective as at the opening of the market on June 14, 2024.
As a consequence of the Consolidation, subscribers under the Offering receive post-Consolidation Shares at an effective price of $0.60 per post-Consolidation Share.
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 Koryx Copper Inc.
Koryx 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Pierre Léveillé"
Pierre Léveillé
President & CEO
More information is available by contacting Pierre Léveillé, President & CEO at +1-819-340-0140 or at: info@koryxcopper.com
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.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect ", "is expected ", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management discussion and analysis. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.