Kodiak "Bought Deal" Financing Increased to $55,000,000
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 11/07/07 -- NOT FOR
DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Kodiak Exploration Ltd. (the "Company") (TSX VENTURE: KXL)(FRANKFURT:
KX3) has agreed with the underwriting syndicate led by National Bank
Financial Inc. and Cormark Securities Inc. to increase the size of
the overallotment option on the private placement "bought deal"
financing announced yesterday by up to 789,474 common shares and
416,667 flow-through common shares, resulting in an option to
purchase up to 3,421,053 common shares at a price of $3.80 per share
and 416,667 flow-through common shares at a price of $4.80 per share.
The exercise of the option in full would result in gross proceeds of
approximately $55 million.
Closing of the offering is scheduled for November 27, 2007. The
private placement is subject to acceptance by the TSX Venture
Exchange. All securities issued will be subject to a mandatory
four-month hold period from the date of closing.
As announced yesterday, the Company will use the proceeds of the
offering for the ongoing exploration of the Company's Hercules Gold
Project in northwestern Ontario, land acquisitions and general
corporate purposes.
Kodiak is a mineral exploration company with significant projects in
three different sectors of the mining resource industry. Through
regional, grass-roots generative exploration and new geological
models the Company has built a portfolio of 100% controlled projects
focused on gold, base metals (nickel/copper), and uranium in three
different areas of Canada. Maps, photographs, detailed geologic
reports and additional information may be viewed on our web site at
www.kodiakexp.com.
On behalf of the Board of Directors
KODIAK EXPLORATION LIMITED
William S. Chornobay, Director, President
This document contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not under
the Company's control which may cause actual results, performance or
achievements of the Company to be materially different from the
results, performance or expectation implied by these forward looking
statements.
This release has been prepared by management - TSX Venture Exchange
has not reviewed and does not accept responsibility for the adequacy
or accuracy of this news release.
Contacts:
Kodiak Exploration Limited
William S. Chornobay
Director, President
(604) 688-9006
(604) 688-9029 (FAX)
Email: info@kodiakexp.com
Website: www.kodiakexp.com
