- Kodiak Copper Corp. (KDK) has closed its bought deal private placement and non-brokered private placement for aggregate gross proceeds of $9.6 million
- A total of 4,375,000 charity flow-through shares and 260,417 FT shares were issued
- The offering was oversubscribed, receiving strong interest from the institutional investor community and existing investors
- Kodiak is focused on its 100 per cent owned copper porphyry projects in Canada and the U.S.
- Kodiak Copper Corp. (KDK) is up 7.14 per cent on the day, trading at C$1.80 per share at 3:30 pm ET
Kodiak Copper Corp. (KDK) has closed its bought deal private placement and non-brokered private placement for aggregate gross proceeds of $9.6 million.
A total of 4,375,000 charity flow-through shares were sold at a price of C$2.08 per charity FT share for gross proceeds of $9.1 million, including the full exercise of the underwriters’ option.
The offering was oversubscribed, receiving strong interest from the institutional investor community and certain existing investors. Teck Resources Limited (“Teck”) exercised its equity participation right to maintain its 9.9 per cent ownership position in Kodiak, acquiring approximately 1.38 million shares in connection with the Offering.
Kodiak also completed a non-brokered private placement of flow-through common shares for gross proceeds of $0.5 million. A total of 260,417 FT shares were issued at a price of C$1.92.
Claudia Tornquist, President and CEO of Kodiak commented on the capital raise.
“There was strong investor demand for this financing and I am pleased to welcome several well-recognized, long-term focused institutional investors as new Kodiak shareholders. I wish to thank our largest shareholder Teck for their ongoing support, as well as our chairman Chris Taylor and all other insiders who participated in this financing. With a treasury of around C$18 million, Kodiak is now very well positioned to further advance its MPD project in southern British Columbia where 2022 will see the largest exploration campaign on the property to date, as we are aiming to both extend the Gate Zone further and make more discoveries. I am also looking forward to the maiden drill program at our Mohave project in Arizona this year”.
The underwriters received a cash commission. Eligible finders received a finders fee.
All shares issued are subject to a four-month hold period, expiring on August 1, 2022. The offering and private placement are subject to final acceptance from the TSX Venture Exchange.
Kodiak is focused on its 100 per cent owned copper porphyry projects in Canada and the U.S.
Kodiak Copper Corp. (KDK) is up 7.14 per cent on the day, trading at C$1.80 per share at 3:30 pm ET.
