A total of 4,375,000 charity flow-through common shares ("Charity FT 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 ("Teck") 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 (the "FT Shares") for gross proceeds of C$0.5 million (the "Private Placement") 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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About Kodiak Copper Corp.
Kodiak Copper Corp. (CVE:KDK) (OTCMKTS:KDKCF) is focused on its portfolio of 100% owned copper porphyry projects in Canada and the USA.
The Company's most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in southern British Columbia, Canada, where in 2020 the Company made a high-grade discovery at the Gate Zone, which is part of a zoned, copper-gold enriched envelope of significant size.
Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, USA, near the world-class Bagdad mine. Both of Kodiak's porphyry projects have been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.
The Company's Kahuna diamond project in Nunavut, Canada, hosts a high-grade, near surface inferred diamond resource and numerous kimberlite pipe targets. Kodiak is considering strategic options for the Kahuna project.
Kodiak Copper Corp.