In this segment of The Ellis Martin Report we speak with Claudia Tornquist, the President and CEO of Kodiak Copper Corp (TSX-V:KDK) (OTC:KDKCF). The company has just closed an oversubscribed upsized private placement for gross proceeds of C$9.6 million.
Kodiak Copper Corp. is pleased to announce that it has closed its bought deal private placement financing and non-brokered private placement previously announced on March 8 and 9, 2022, for aggregate gross proceeds to the Company of C$9.6 million. A total of 4,375,000 charity flow-through common shares were sold pursuant to the Offering at a price of C$2.08 per Charity FT Share for gross proceeds to the Company of C$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 exercised its equity participation right to maintain its 9.9% 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 C$0.5 million whereby 260,417 FT Shares were issued at a price of C$1.92. Certain insiders of the Company participated in the Private Placement.
Claudia Tornquist, President and CEO of Kodiak said, “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”.
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We acknowledge the [financial] support of the Government of Canada.