Not for distribution to U.S. news wire services or dissemination in the United States. VANCOUVER, British Columbia, May 22, 2024 (GLOBE NEWSWIRE) -- Koryx Copper Inc. ("Koryx" or the "Company") (TSXV:KRY) is pleased to announce that it has received commitments for CAD$2,000,000 proceeds pursuant to a non-brokered private placement (the "Offering") for the sale of up to 16,666,666 common shares of the Company (the "Shares") at a price of $0.12 per Share. The Offering is subject to TSX Venture Exchange ("TSXV") approval, and all Shares issued under the Offering will be subject to a four month hold from the date of issuance. The Company will not pay any finder's fees and no new control person will be created as a result of the Offering. The total amount of the Offering has been committed to and the Company expects that the Offering will be fully subscribed. The net proceeds from the Offering will be used to advance the Haib copper project in Namibia the Luanshya West project in Zambia, and for general working capital purposes. The Company also announces that its board of directors has approved the consolidation of all of the issued and outstanding Shares of the Company on the basis of one (1) new common share (a "Post-Consolidation Share") for every five (5) existing Shares, subject to TSXV approval (the "Consolidation"). It is anticipated that the Consolidation will reduce the number of presently issued and outstanding Shares of the Company from 227,445,142 Shares to approximately 45,489,029 Post-Consolidation Shares, subject to adjustment for rounding. Assuming the Offering is fully subscribed there would be a total of 244,111,808 Shares issued and outstanding immediately before the Consolidation and approximately 48,822,362 Post-Consolidation Shares upon completion of the Consolidation. The Company believes that the Consolidation will enhance its capital in a ...