By Devika Patel
Knoxville, Tenn., May 27 - Kodiak Energy, Inc. announced it has negotiated a $7.5 million private placement of units.
The company will sell 3 million units at $2.50 each. The units consist of one common share and one warrant with each two-year warrant exercisable at $3.50.
Proceeds will be used toward the continued exploration of the company's oil and gas properties, for the drilling program on the Little Chicago project in the Northwest Territories and for general working capital purposes.
Kodiak Energy is an oil and natural gas exploration company based in Calgary, Alta.
| Issuer: | Kodiak Energy, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $7.5 million
|
| Units: | 3 million
|
| Price: | $2.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $3.50
|
| Pricing date: | May 26
|
| Stock symbol: | OTCBB: KDKN
|
| Stock price: | $2.76 at close May 23
|
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