Ms. Claudia Tornquist reports
KODIAK COPPER UPSIZES FINANCING TO $12.5 MILLION WITH ADDITIONAL PRIVATE PLACEMENT
Kodiak Copper Corp. is proceeding with a non-brokered private placement offering to raise up to $2-million.
The offering is in addition to the financing with Teck Resources Ltd. announced on Sept. 14, 2020, for gross proceeds of approximately $10.5-million. The additional placement is in response to strong interest from potential investors.
The new placement will consist of 722,282 shares of the company, expected to be placed through a charity flow-through arrangement, at an average price of $2.77 per share (a cost to the investors of $1.95 per share) for gross proceeds of approximately $2-million. The two financings combine for total gross proceeds of $12.5-million.
The company may, at its discretion, pay a finder's fee, where applicable. The shares will be subject to a four-month hold period. The closing of the private placement is expected to occur on or before Oct. 6, 2020. Closing is subject to the negotiation and execution of definitive documentation and the receipt of all regulatory approvals, including the acceptance of the TSX Venture Exchange.
About Kodiak Copper Corp.
Kodiak Copper is focused on its 100-per-cent-owned copper porphyry projects in Canada and the United States. The company's most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel trough in south-central British Columbia, Canada, where the company made a discovery of high-grade mineralization in 2020. Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, United States, near the world-class Bagdad mine. Kodiak's porphyry projects have been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.
Kodiak's founder and chairman is Chris Taylor, who is well known for his gold discovery success with Great Bear Resources. Kodiak is also a part of Discovery Group, which is led by John Robins, one of the most successful mining entrepreneurs in Canada.
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