By Sheri Kasprzak
New York, Dec. 29 - Kodiak Exploration Ltd. said it plans to raise C$1,028,000 in a private placement.
The non-brokered deal includes up to 1,006,667 units at C$0.30 each and 1,815,000 flow-through shares at C$0.40 each.
The units consist of one share and one warrant. The warrants are exercisable at C$0.50 each for one year.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$0.75 each for at least 20 consecutive trading days.
Proceeds will be used for winter work programs on the company's Knucklethumb property in Ontario and on its Caribou Lake property in the Northwest Territories. The rest will be used for working capital.
Based in Vancouver, B.C., Kodiak is a mineral exploration company.
Issuer: | Kodiak Exploration Ltd.
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Issue: | Flow-through shares and units of one share and one warrant
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Amount: | C$1,028,000
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Placement agent: | Non-brokered
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Pricing date: | Dec. 29
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Stock price: | C$0.305 at close Dec. 29
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Flow-through shares
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Shares: | 1,815,000
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Price: | C$0.40
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Warrants: | No
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Units
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Units: | 1,006,667
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Price: | C$0.30
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.50
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