Kodiak Copper Corp said it has completed its previously-announced, oversubscribed non-brokered private placement (concurrent financing), raising gross proceeds of about C$3.4 million.
The resource projects developer said together with the bought deal private placement that was announced with the concurrent financing and closed on April 14, 2023, the total gross proceeds to the company are approximately C$8.4 million.
“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,” Kodiak Copper CEO Claudia Tornquist said in a statement.
“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,” Tornquist added.
Kodiak noted the concurrent financing consisted of 1,532,654 charity flow-through (FT) units, at a price of $1.32 per charity FT unit, and 1,461,090 flow-through (FT) units at a price of $0.96 per FT unit.
Teck Resources Limited exercised its equity participation right to maintain its partially diluted 9.9% ownership position in Kodiak, acquiring 592,593 units of the concurrent financing, the company said.
It added that its chairman Chris Taylor and certain other Kodiak insiders also participated in the concurrent financing, subscribing to a total of 301,042 FT units.
Kodiak said it will use proceeds from the offerings for eligible Canadian exploration expenses.
Kodiak Copper is focused on its 100% owned copper porphyry projects in Canada and the US. The company's most advanced asset is the MPD copper-gold porphyry project in British Columbia.
Kodiak also owns the Mohave copper-molybdenum-silver porphyry project in Arizona, near the world-class Bagdad mine.
Contact Sean at sean@proactiveinvestors.com