Sunday, June 1, 2025

Latest

Teck Resources Takes 9.9% Stake in Kodiak Copper Corp

Kodiak Copper Corp (TSXV: KDK) this morning announced that it has secured additional funds and a new strategic investor via a private placement conducted exclusively for Teck Resources (TSX: TECK). The major resource company will take a 9.9% interest in Kodiak, a figure just below reporting requirements.

The investment to occur totals out at $10.5 million, via the issuance of 1,038,868 common shares of the junior firm, along with 3,013,839 flow through common shares. Common shares are to be issued at a price of $1.95 per share, while the flow through shares, referred to as “charity flow-through,” will be issued at $2.82 per share, but at a cost of $1.95 per share to Teck.

In connection with the arrangement, Teck retains certain equity participation rights to maintain its position within the company should additional shares be issued of the issuer. Proceeds from the placement will be used to fund Kodiak’s MPD project and other mineral projects, along with general corporate purposes. The company has indicated that it intends to expand on the recent Gate Zone discoveries made by the company this year.

The closing of the strategic investment is expected to occur by October 6, 2020.

Kodiak Copper Corp last traded at $1.83 on the TSX Venture.


Information for this briefing was found via Sedar, Teck Resources and Kodiak Copper Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Alamos Gold Q1 Earnings: The Inside Scoop

Cerrado Gold Q4 Earnings: The Turnaround is Working

B2GOLD Q1 Earnings: Revenue Up, Production & Cash Flow Decline

Recommended

Canadian Copper: The $172M Combined Strategy PEA

ESGold Begins Concentration Tests Ahead Of First Production

Related News

Teck Soars To 11-Year High As It Fields Bids For Base Metals Business Ahead Of Split

Multiple mining firms have reportedly approached Teck Resources Limited (NYSE: TECK) to seek agreements for...

Monday, April 17, 2023, 10:42:21 AM

Teck Resources Abandons Separation Proposal At Last Minute, Snubs Glencore

Teck Resources (TSX: TECK.B) has evidently left it until the last minute to abandon its...

Wednesday, April 26, 2023, 09:42:58 AM

After Two Rejected Offers, Glencore Now Wants Teck Resources’ Steelmaking Coal Unit

Glencore has made an offer to acquire Teck Resources (TSX: TECK.B) steelmaking coal business as...

Monday, June 12, 2023, 08:32:55 AM

BMO Lowers Price Target On Teck Resources To $53 Following BC Weather Events

On December 5th, Teck Resources (TSX: TECK.A) provided an update on the British Columbia weather...

Thursday, December 9, 2021, 10:09:00 AM

Grid Metals Options Makwa Nickel Project To Teck For $15.7 Million In Exploration Spend, $1.6 Million In Cash

Grid Metals (TSXV: GRDM) has entered into an arrangement whereby it has agreed to option...

Thursday, December 12, 2024, 08:35:50 AM