Kodiak Copper Upsizes Financing to $12.5 Million ANOTHER OFFERING OF $2 MILLION. PRIVATE PLACEMENT BECAUSE OF GREAT DEMAND. GREAT NEWS IS POSSIBLY COMMING. HANG ON TO YOUR KDK SHARES.
Vancouver, British Columbia--(Newsfile Corp. - September 14, 2020) - Kodiak Copper Corp. (TSXV: KDK) (the "Company" or "Kodiak") is pleased to announce the Company is proceeding with a non-brokered private placement offering to raise up to C$2 million.
The offering is in addition to the financing with Teck Resources Ltd announced previously on September 14, 2020 for gross proceeds of approximately C$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 C$2.77 per share, (a cost to the investors of C$1.95 per share), for gross proceeds of approximately C2 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 4-month hold period. The closing of the private placement is expected to occur on or before October 6, 2020. Closing is subject to negotiation and execution of definitive documentation and receipt of all regulatory approvals including the acceptance of the TSX Venture Exchange. All securities issued in this placement are subject to customary hold periods of four months and one day.
For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360 or khenderson@kodiakcoppercorp.com.
On behalf of the Board of Directors
Kodiak Copper Corp.
Claudia Tornquist
President & CEO