Kodiak Exploration proposes C$2.2 million private placement

By Sheri Kasprzak

Atlanta, Jan. 19 - Kodiak Exploration Ltd. said it plans to raise C$2.2 million in a private placement.

The company will raise C$1.2 million in flow-through shares and C$1 million in non flow-through units.

The units include one share and one warrant. The warrants allow for an additional share for one year, priced at a 25% premium to the offering price of the non flow-through units.

Additional pricing details could not be obtained Wednesday.

IBK Capital Corp. is the placement agent in the offering.

Based in Vancouver, B.C., Kodiak is a mineral exploration company. It plans to use the proceeds from the offering for a winter drill program on its Knucklethumb property and for general working capital.

On Wednesday, Kodiak's stock closed unchanged at C$0.25.

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