Kodiak Copper Corp. (TSXV: KDK) has closed its oversubscribed non-brokered private placement that was announced on April 4, 2023 and upsized on April 6, 2023, for gross proceeds of approximately C$3.4M.
Together with the bought deal private placement that was announced with the Concurrent Financing and closed on April 14, 2023 the aggregate gross proceeds to the company are approximately $8.4M.
The Concurrent Financing was oversubscribed, receiving strong interest from the investor community and existing investors. A total of 1,532,654 charity flow-through at a price of $1.32 per Charity FT Unit and 1,461,090 flow-through units at a price of $0.96 per FT Unit, were sold pursuant to the Concurrent Financing for gross proceeds to the company of $3,425,750.
Teck Resources Limited exercised its equity participation right to maintain its partially diluted 9.9% ownership position in Kodiak, acquiring 592,593 units in connection with the Concurrent Financing. Kodiak’s chairman Chris Taylor and certain other insiders of the Company also participated in the Concurrent Financing.
“There was considerable demand for this financing and I am pleased to welcome some strong new investors as Kodiak shareholders,” President and CEO, Claudia Tornquist, said.
“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 $13M 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.”
Insiders of the Company subscribed for a total of 301,042 FT Units.
The Company will use the gross proceeds received by the company from the sale of the Units to incur eligible “Canadian exploration expenses” that qualify as “flow-through critical mineral mining expenditures”.
For further information please visit: https://kodiakcoppercorp.com/
