Kodiak Copper closes $8 million financing with underwriters' option

Kodiak Copper Corp. (TSXV: KDK) completed an $8.05 million bought deal private placement on September 25, according to a company statement. The financing was oversubscribed and included the full exercise of underwriters' option.

The offering consisted of 6.05 million charity flow-through units priced at $1.00 each, generating $6.05 million in gross proceeds, and 3.23 million regular units at $0.62 each for $2.00 million. Each unit includes one common share and one-half warrant exercisable at $0.95 for 24 months.

Canaccord Genuity Corp. served as lead underwriter and sole bookrunner, with Cormark Securities Inc. and Paradigm Capital Inc. participating in the syndicate. The company paid underwriters a 6% cash fee on gross proceeds, reduced to 3% for certain orders.

Konwave AG, the company's largest shareholder and a European resource fund, participated in the financing to maintain its proportionate ownership. Company insiders subscribed for 79,000 units totaling $48,980 in proceeds.

Proceeds from regular units will fund working capital and advancement of the company's Arizona project. Flow-through proceeds must be spent on eligible Canadian exploration expenses for the British Columbia project by December 31, 2026.

"We are very pleased with the strong demand from new investors for this financing," said Claudia Tornquist, President and CEO. The company expects to announce a maiden resource estimate for its MPD Project later this year.

All securities are subject to a four-month hold period ending January 26, 2026. The offering remains subject to final TSX Venture Exchange acceptance.

You May Also Be Interested In

• Canaccord Starts BillionToOne Inc (BLLN) at Buy
• Algo Grande Copper raises $4.79M in private placement
• Needham Reiterates Buy Rating on Credo Tech (CRDO)