By Sheri Kasprzak
New York, Jan. 31 - Kodiak Exploration Ltd. said it has upsized to C$4 million its previously announced C$3 million private placement.
The company will sell 10,913,351 units at C$0.30 each.
The units are comprised 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.
So far, the company has closed a C$726,000 portion of the deal, selling 1,815,000 flow-through shares at C$0.40 each.
The non-brokered deal was first announced Dec. 19 as a C$3 million deal comprised of the 1,815,000 flow-through shares and 7.58 million units.
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$4,000,005
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Placement agent: | Non-brokered
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Pricing date: | Dec. 19
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Amended: | Jan. 30
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Stock symbol: | TSX Venture: KXL
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Stock price: | C$0.26 at close Dec. 19
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Stock price: | C$0.82 at close Jan. 30
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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: | 10,913,351
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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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