/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION
TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, March 9,
2022 /CNW/ - Kodiak Copper Corp. (the "Company"
or "Kodiak") (TSXV: KDK) (OTCQB: KDKCF) (Frankfurt: 5DD1) is pleased to announce that
in connection with its previously announced "bought deal" private
placement financing, the Company and Cormark Securities Inc. as
lead underwriter and sole bookrunner on behalf of a syndicate of
underwriters (collectively, the "Underwriters") have agreed to
increase the size of the previously announced financing. The
Company will now issue 3,875,000 charity flow-through common shares
("Charity FT Shares") at a price of C$2.08 per Charity FT Share, on a "bought deal"
private placement basis, for aggregate gross proceeds to the
Company of C$8,060,000 (the
"Offering").
The Company has granted the Underwriters an option, exercisable
at the offering price until the closing of the Offering, to
purchase up to an additional 500,000 of the Charity FT Shares
issued in connection with the Offering.
As previously announced, Kodiak will also be completing a
non-brokered private placement of flow-through common shares (the
"FT Shares") for aggregate gross proceeds of up to C$0.5 million (the "Private Placement"). The FT
Shares will be issued at a price of C$1.92. Certain insiders of the Company will
participate in the Private Placement.
The Charity FT Shares and FT Shares qualify as "flow-through
shares" of the Company for the purposes of the Income Tax
Act (Canada). The gross
proceeds from the Offering and Private Placement will be used to
incur "Canadian exploration expenses" which also qualify as "flow
through mining expenditures" (as those terms are defined in the
Income Tax Act (Canada)) related to Kodiak's projects in
British Columbia. The Company will
renounce these expenses to the purchasers with an effective date of
no later than December 31, 2022.
The Offering and Private Placement are scheduled to close on or
about March 31, 2022 and is subject
to certain conditions including, but not limited to, the receipt of
all necessary regulatory and other approvals including the approval
of the TSX Venture Exchange. The Charity FT Shares and FT Shares
will be subject to a four month hold period from the date of
closing.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"),
or any state securities laws and may not be offered or sold within
the United States or to or for the
account or benefit of a U.S. person (as defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
On behalf of the Board of Directors
Kodiak Copper Corp.
Claudia
Tornquist
President & CEO
About Kodiak Copper Corp.
Kodiak is focused on its 100% owned copper porphyry projects in
Canada and the USA. The Company's most advanced asset is the
MPD copper-gold porphyry project in the prolific Quesnel Trough in
south-central British Columbia,
Canada, where the Company made a discovery of high-grade
mineralization within a wide mineralized envelope in 2020. Kodiak
also holds the Mohave
copper-molybdenum-silver porphyry project in Arizona, USA, near the world-class
Bagdad mine. Kodiak's porphyry
projects have both been historically drilled and present known
mineral discoveries with the potential to hold large-scale
deposits.
Kodiak's founder and Chairman is Chris
Taylor who is well-known for his gold discovery success with
Great Bear Resources. Kodiak is also part of Discovery Group led by
John Robins, one of the most
successful mining entrepreneurs in Canada.
Cautionary Note Regarding Forward-Looking Information
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement (Safe Harbor Statement): This press
release contains forward looking statements within the meaning of
applicable securities laws. The use of any of the words
"anticipate", "plan", "continue", "expect", "estimate",
"objective", "may", "will", "project", "should", "predict",
"potential" and similar expressions are intended to identify
forward looking statements. In particular, this press release
contains forward looking statements concerning the Offering and
Private Placement, including the proposed use of proceeds, the
participation of Teck and/or certain insiders of the Company in the
Offering or the Private Placement, the closing date of the Offering
and Private Placement, and the expected receipt of regulatory and
stock exchange approvals. Although the Company believes that the
expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because the Company cannot
give any assurance that they will prove correct. Since forward
looking statements address future events and conditions, they
involve inherent assumptions, risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of assumptions, factors and risks, many of which
are beyond the Company's ability to control or predict. Factors
that could cause actual results or events to differ materially from
current expectations include, but are not limited to, conditions in
the equity financing markets, stock market volatility,
unquantifiable risks related to government actions and
interventions, the termination of any agreement governing the
Offering and Private Placement, changes in laws or permitting
requirements, failure to obtain necessary regulatory
approvals as well as those risks identified in the Company's annual
Management Discussion & Analysis.
Management has provided the above summary of risks and
assumptions related to forward looking statements in this press
release in order to provide readers with a more comprehensive
perspective on the Company's future operations. The Company's
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward looking statements will
transpire or occur, or if any of them do so, what benefits the
Company will derive from them. These forward-looking statements are
made as of the date of this press release, and, other than as
required by applicable securities laws, the Company disclaims any
intent or obligation to update publicly any forward looking
statements, whether as a result of new information, future events
or results or otherwise.
SOURCE Kodiak Copper Corp