Noronex (NRX) has secured commitments to raise up to N$18 million through a share placement to fund exploration at its Kalahari copper belt projects in Namibia.
The company plans to issue 47 million shares at A$2.5 cents each to existing shareholders and sophisticated investors to raise the funds. With shareholder approval, company directors and senior management have agreed to subscribe for N$3.9 million 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. Additionally, Westar will be granted 10 million unquoted options, exercisable at A$7.5 cents each, within two years from the grant date.
However, the issuance of the options to Westar is subject to shareholder approval. Noronex stated that the funds will be used to advance drilling and exploration at its copper projects in Namibia, where it owns 6000 square kilometers of ground within the “highly prospective” Kalahari Copper Belt.
The company plans to target exploration at the Helm prospect within its Snowball project, multiple prospects at its Humpback project, and the Daheim prospect within the Witvlei project.
Noronex Limited is an ASX listed copper company with advanced projects in the Kalahari Copper Belt, Namibia and in Ontario, Canada.