Kodiak Exploration Announces $40.0
Million "Bought Deal" Financing
November 6, 2007 - Kodiak Exploration Ltd. (the "Company")
(TSX VENTURE:KXL, FRANKFURT:KX3) has entered into an agreement with a syndicate
of underwriters co-led by National Bank Financial Inc. ("NBF") and
Cormark Securities Inc. ("Cormark") for a private placement offering
on a "bought deal" basis of 7,894,737 common shares priced at $3.80
per share and 2,083,334 flow-through common shares priced at $4.80 per share
for aggregated gross proceeds of approximately $40.0 million.
NBF and Cormark as co-lead underwriters will have the option to
increase the offering by up to 2,631,579 common shares at the issue price.
Closing of the offering is expected to occur on or about 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.
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.
William S. Chornobay, President and Director
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.
If you wish to be removed
from Kodiak's distribution list, please reply to this email with 'remove' in
the subject line.
If you have any questions or comments, please do not hesitate to
contact me at 604-688-9006.
Thank you,
Kasia Ochnio
Assistant Corporate Communications
Kodiak Exploration Ltd.
#1205 -700 West Pender
Street,
Vancouver,
BC V6C 1G8
Toll Free: 888.688.9006
Ph: 604.688.9006
Fx: 604.688.9029
TSX-V: KXL
www.kodiakexp.com