• Noronex (NRX) is raising up to $1.5 million through a placement to fund exploration at its Kalahari copper belt projects in Namibia
• The company will issue 47 million shares at 2.5 cents to existing shareholders and sophisticated investors to raise the funds
• Noronex has also received commitments to the placement from directors and senior management, who will subscribe for up to $325,000 of shares
• Noronex plans to conduct drilling and other exploration at its Snowball, Humpback, and Witvlei projects in Namibia
• NRX shares are down 6.45 per cent to trade at 2.9 cents at 1:13 pm AEDT

Noronex (NRX) has received commitments to raise up to $1.5 million through a share placement to fund exploration at its Kalahari copper belt projects in Namibia.

The 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 $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 per cent 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 6000 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.

NRX shares were down 6.45 per cent to trade at 2.9 cents at 1:13 pm AEDT.