Kodiak Energy Announces $13.5 Million Financing Tuesday August 21, 12:05 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Aug 21, 2007 -- Kodiak Energy, Inc. (OTC BB:KDKN.OB - News) ("Kodiak" or the "Company")
is pleased to announce today that it has entered into an
agreement with Research Capital Corporation ("Research Capital")
to act as lead agent and sole-bookrunner, on a best-efforts
agency basis for a private placement offering (the "Offering")
of approximately C$13,500,000. The Offering shall consist
of approximately C$6,750,000 in common shares of Kodiak
(the "Common Shares") 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.
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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 (USA subsidiary) the ("Company") 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.
This press release contains forward-looking statements.
The words or phrases "would be," "will" "intends to," "will
likely result," "are expected to," "will continue," "is
anticipated," "estimate," or similar expressions are intended
to identify "forward-looking statements." Actual results
could differ materially from those projected in the Company's
proposed oil and gas related business. The Company's business
is subject to various risks, which are discussed in the
Company's filings with the Securities and Exchange Commission
("SEC"). The Company's filings may be accessed at the SEC's
Edgar system at www.sec.gov.
Statements made herein are as of the date of this press
release and should not be relied upon as of any subsequent
date. The Company cautions readers not to place reliance
on such statements. Unless otherwise required by applicable
law, we do not undertake, and we specifically disclaim any
obligation, to update any forward-looking statements to
reflect occurrences, developments, unanticipated events
or circumstances after the date of such a statement.
