Kodiak Copper closes oversubscribed upsized private placement
Kodiak Copper Corp. has successfully closed its oversubscribed non-brokered private placement, raising approximately $3.4 million in gross proceeds through the sale of charity flow-through units and flow-through units.
Teck Resources Limited exercised its equity participation right to acquire 592,593 units, maintaining its partially diluted 9.9% ownership position in Kodiak. The company’s insiders and shareholders also participated in the financing.
2023 exploration program
With the bought deal private placement that closed on April 14, 2023, the aggregate gross proceeds to the Company reached approximately $8.4 million. Kodiak is now fully funded for its 2023 exploration program at the MPD project, which has a treasury of over $13 million. The proceeds will be used to incur eligible “Canadian exploration expenses” that qualify as “flow-through critical mineral mining expenditures” on the MPD project, with the expenses to be incurred on or before December 31, 2024. The Common Shares, the FT Warrants, and the Warrant Shares are subject to a four-month hold period expiring on August 22, 2023.
“There was considerable demand for this financing and I am pleased to welcome some strong new investors as Kodiak shareholders. I wish to thank our largest shareholder Teck for their ongoing support, as well as all our insiders and shareholders who participated in this financing. With a treasury of over $13 million Kodiak is now fully funded for what will be an exciting 2023 exploration program at our MPD project. Our field season has already kicked off and with a suite of compelling drill targets and a world-class team we are well placed to make 2023 a rewarding year for our shareholders,” Claudia Tornquist, President and CEO of Kodiak.
