Australian Securities Exchange (ASX) listed Noronex has received commitments to raise up to N$17.3 million (A$1.5 million) through a share placement to fund exploration at its Kalahari Copperbelt projects in Namibia.
The copper company will issue 47 million shares at 2.5 cents each to existing shareholders and sophisticated investors to raise the funds.
Subject to shareholder approval, company directors and senior management have committed to subscribe for N$3.7 million (A$325,000) worth of shares on the same terms as the placement.
Westar Capital is acting as lead manager for the placement and will receive a 6% fee of the funds raised under the placement.
It will also be granted 10 million unquoted options exercisable at 7.5 cents each within two years from the grant date.
The issue of the options to Westar is subject to shareholder approval.
Noronex said it would use the money to advance drilling and exploration at its copper projects in Namibia, where it owns 6,000 square kilometres of ground within the “highly prospective” Kalahari Copper Belt.
The areas the company plans to target exploration include the Helm prospect within its Snowball project, multiple prospects at its Humpback project, and the Daheim prospect within the Witvlei project.
The Namibian Projects, comprise three Exclusive Prospecting Licences (EPLs 7028, 7029 and 7030) covering 72,000 hectares along the prolific Kalahari Copperbelt that spans Namibia and Botswana.
