Kodiak Copper Corp. (TSX-V:KDK) has announced plans to undertake a non-brokered private placement financing, aiming to raise up to $4 million.
The financing will include three types of securities: charity flow-through units (Charity FT Units), common share units (HD Units), and flow-through shares (FT Shares).
Each Charity FT Unit, priced at $0.79, comprises one common share and half a non-transferable common share purchase warrant. HD Units, priced at $0.47 each, include one non-flow-through common share and half a non-transferable warrant. FT Shares will be offered at $0.54 each.
Each warrant allows the holder to purchase one non-flow-through common share at $0.65 within 24 months of the closing date.
Should Kodiak's common share price reach or exceed $0.95 for 20 consecutive trading days on the TSX Venture Exchange, the company may accelerate the warrant expiry date.
Proceeds from HD Units will fund general corporate purposes, while funds from Charity FT Units and FT Shares will finance eligible Canadian exploration expenses under the Tax Act.
Kodiak Copper focuses on copper porphyry projects in Canada and the US, with significant discoveries and potential for large-scale deposits. Its flagship MPD copper-gold project in British Columbia has revealed high-grade zones, demonstrating district-scale potential, while it also holds the Mohave copper-molybdenum-silver project in Arizona.
The offering is slated to close by June 21.