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Kodiak Copper Upsizes Private Placement to C$13.1 Million

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Kodiak Copper (KDK.V) after trade Tuesday said it upsized its best-effort private-placement financing to C$13.1 million from C$10 million "as a result of strong investor demand."

The offering includes up to 8.34-million flow-through shares priced at C$1.271 each, expected to raise about C$10.6 million, and up to 3.05-million common shares at C$0.82 each, expected to raise about C$2.5 million, the company said, adding that the underwriters have an option to sell additional shares equal to up to 15% of the offering size.

Proceeds will be used for working capital and general corporate purposes. The offering is set to close around June 25, subject to certain conditions including approval from the TSX Venture Exchange, the company said.

Kodiak shares closed down C$0.07 to C$0.83 on the TSX Venture Exchange.

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