Africa-Press – Namibia. NORONEX Limited has raised US$1,5m from selling shares on the Australian Stock Exchange (ASX) to accelerate drilling and exploration activities on its Kalahari Copper Belt projects in Namibia.
The ASX-listed copper company is exploring the Kalahari Copper Belt in Namibia and Ontario, Canada.
The 80 000-hectare Dordabis-Witvlei (DorWit) Project in Namibia has a joint ore reserve committee resource of 10 million tonnes at 1,3% Cu.
The joint ore reserve committee measures the size of inground mineral deposits.
The DorWit comprises three exclusive prospecting licences – the Witvlei Project under 7028 and 7029 and Dordabis Project under 7030.
Noronex bought into the DorWit project from the Canadian company White Metals Resources Corp (now called Thunder Gold Corp) through an earn-in-deal agreement in November 2020.
The mines ministry approved White Metal’s application in July 2018 for the DorWit project.
According to the earn-in deal, ?Noronex was assigned the rights to the original agreement made with RZJ Capital Management LLC.
Under the terms of the earn-in deal, Noronex can earn up to 70% of the project by meeting certain payment milestones and the rights to acquire White Metals 25% after following feasibility studies.
Noronex announced on Friday that it received massive support from existing shareholders, sophisticated investors, directors and senior management.
According to Noronex, the capital raising of US$1,5m comprises a placement of 60 million fully paid ordinary shares at US$0,025 per share.
The board and senior management committed to investing US$325,000 (N$5,9m) on the same terms as the placement.
The company said it would use the funds to drill and explore the prospect at its Snowball Project, multiple prospects at its Humpback Project and follow-up exploration at Daheim at the Witvlei Project.
In addition, the funds will be used to continue the exploration of the company’s other projects in Namibia and Canada, general working capital and cost of the placement.
The company further said it would issue 47 million more shares comprising 27,9 million subject to approval by the holders of the ordinary security shares and 19 million shares if an annual general meeting approves.
The ASX-listed copper company is exploring the Kalahari Copper Belt in Namibia and Ontario, Canada.
The 80 000-hectare Dordabis-Witvlei (DorWit) Project in Namibia has a joint ore reserve committee resource of 10 million tonnes at 1,3% Cu.
The joint ore reserve committee measures the size of inground mineral deposits.
The DorWit comprises three exclusive prospecting licences – the Witvlei Project under 7028 and 7029 and Dordabis Project under 7030.
Noronex bought into the DorWit project from the Canadian company White Metals Resources Corp (now called Thunder Gold Corp) through an earn-in-deal agreement in November 2020.
The mines ministry approved White Metal’s application in July 2018 for the DorWit project.
According to the earn-in deal, ?Noronex was assigned the rights to the original agreement made with RZJ Capital Management LLC.
Under the terms of the earn-in deal, Noronex can earn up to 70% of the project by meeting certain payment milestones and the rights to acquire White Metals 25% after following feasibility studies.
Noronex announced on Friday that it received massive support from existing shareholders, sophisticated investors, directors and senior management.
According to Noronex, the capital raising of US$1,5m comprises a placement of 60 million fully paid ordinary shares at US$0,025 per share.
The board and senior management committed to investing US$325,000 (N$5,9m) on the same terms as the placement.
The company said it would use the funds to drill and explore the prospect at its Snowball Project, multiple prospects at its Humpback Project and follow-up exploration at Daheim at the Witvlei Project.
In addition, the funds will be used to continue the exploration of the company’s other projects in Namibia and Canada, general working capital and cost of the placement.
The company further said it would issue 47 million more shares comprising 27,9 million subject to approval by the holders of the ordinary security shares and 19 million shares if an annual general meeting approves.
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