Kodiak Copper (TSX-V:KDK) has closed its upsized and oversubscribed private placement for aggregate gross proceeds of C$15 million ($15.3 million), including the exercise of the agents’ option.
The placement had Paradigm Capital acting as lead agent and sole bookrunner on behalf of a syndicate of agents that includes ATB Capital Markets, Haywood Securities, and Integrity Capital Group.
Under the terms of the agreement, Kodiak will issue a total of 9,885,900 charity flow-through (FT) common shares at a price of C$1.271 per charity FT share for gross proceeds of C$12.5 million, and 3,048,900 common shares at a price of C$0.82 per share for gross proceeds of C$2.5 million.
The company’s largest shareholder, Konwave AG, participated in the financing to maintain its equity ownership in the company.
President and CEO Claudia Tornquist says the company is pleased with the results of the financing.
“With C$15 million in new capital, Kodiak is well funded to advance an exciting 2026 program at MPD (Man, Prime, and Dillard), focused on growing and enhancing our maiden resource while also drilling several high-priority exploration targets that have the potential to yield new discoveries.
“We believe MPD remains significantly underexplored and offers substantial opportunities for continued growth, and we look forward to delivering on the project’s potential for our shareholders.”
Kodiak paid the agents a cash fee equal to 6% of the gross proceeds and issued non-transferable common share purchase warrants equal to 6% of the offered securities sold.
Net proceeds from the financing will be used for general working capital and corporate purposes.
Kodiak Copper is focused on advancing copper porphyry projects in Canada and the US.
Write to Amy Rotman at Mining.com.au
Images: Kodiak Copper
