Kodiak Energy Announces $13.5 Million Financing
Kodiak Energy (OTCBB:KDKN) has entered into an agreement with Research Capital Corporation to act as lead agent and sole-bookrunner, on a best-efforts agency basis for a private placement offering of approximately C$13,500,000. The Offering shall consist of approximately C$6,750,000 in common shares of Kodiak and approximately C$6,750,000 in common shares of Kodiak issued on a "flow-through" basis (the "Flow-Through Shares"). Research Capital has also been granted an option to increase the size of the Offering by up to C$3,500,000 in Common Shares, exercisable at any time up to and including the closing of the Offering.
Proceeds from the Offering will be used by Kodiak towards the continued exploration of the Company's oil and gas properties, namely additional Seismic program on the exciting "Little Chicago project" in the Northwest Territories, Seismic and Drilling on the New Mexico properties and other such prospects in various locations within Canada and the United States, and for working capital. The Canadian portion of the expenditures will qualify as Canadian Exploration expenses as defined in the Income Tax Act and will be renounced for 2007.
Kodiak Energy, Inc. and via its Subsidiary - Kodiak Petroleum (Montana), Inc is a publicly traded oil and gas exploration and development company. The Company is focused on efficient and low cost development of low risk oil and gas properties in southern Alberta and Montana and high impact prospects located in the central Mackenzie River Valley ("Little Chicago prospect") of the Northwest Territories ("NWT") in Canada, Ft McMurray Alberta, Lucy area of British Columbia and the Tucumcari Basin area in north-eastern New Mexico.
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