Dunnedin Adds Strategic Advisors and Announces Private Placement
August 4, 2016 / TheNewswire / Vancouver, BC, Canada. - Dunnedin Ventures Inc. (the "Company" or "Dunnedin") (TSX-V: DVI) is pleased to announce the appointment of Mr. John Robins, P.Geo., and Mr. Jim Paterson as Strategic Advisors to the Company. The Company also announces a CDN$1.3 million non-brokered private placement.
Chris Taylor, Dunnedin's CEO said, "We are thrilled to welcome Mr. Robins and Mr. Paterson as Advisors. Hunter Exploration Group, a private company co-founded by Mr. Robins, was the original mineral tenure holder at the Kahuna project during the early 2000's, when over thirty million dollars in exploration were undertaken in the area. Mr. Robins' history with the project and access to a proprietary database of historic results give him a unique perspective on the full potential of the property."
Mr. Robins stated, "We are excited by the opportunity to get back to work in this area of exceptional discovery potential. Our previous work resulted in the discovery of diamond-bearing kimberlites, however additional high quality diamond indicator mineral trains remain unresolved, including new targets identified by Dunnedin. In addition, several gold-in-till anomalies were also identified. Given the proximity to Agnico Eagle's three million ounce Meliadine gold deposit, both the gold and diamond potential of this project cannot be overlooked."
Mr. Robins is a Professional Geologist with over 30 years' experience in the mining industry, and recently oversaw the successful sale of Kaminak Gold Corp. as that company's Executive Chairman. Kaminak was acquired by Goldcorp Inc. in July 2016 for in excess of $500 million. He remains a director of Kivalliq Energy Corp., Northern Empire Resources Corp., and West Melville Minerals Inc., and is also a Strategic Advisor to Great Bear Resources Ltd. He has been a driving force within the Vancouver mining sector as co-founder of Hunter Exploration, Stornoway Diamond Corp., Kivalliq Energy Corp., North Country Gold Corp. and Kaminak Gold Corp. Mr. Robins was also involved in the successful sale/merger of several public companies including Grayd Resources Corp. (Agnico Eagle), Troon Resources (Grenville Strategic Royalty), Arauco Minerals (Kinross), Creston Moly Corp. (Mercator) and Northair Silver Corp. (Kootenay Silver).
Mr. Paterson is a director and CEO of Kivalliq Energy Corp., which is actively exploring the Angilak uranium project in the same region of Nunavut as the Kahuna project, and until recently served as director of Kaminak Gold Corp. Mr. Paterson is also a director of Northern Empire Resources Corp. and a Strategic Advisor to Great Bear Resources Ltd. Mr. Paterson has 19 years of corporate experience with North American publicly traded companies, participating in acquisitions, joint-ventures, spin-outs, reverse transactions and IPO's. Since January 2010, Mr. Paterson has been involved as an executive or as an active director of companies which have raised in excess of $175 million in equity financings.
Private Placement
Dunnedin also announces that, subject to regulatory approval, it will undertake a non-brokered private placement. Each unit will be issued at a price of $0.10 and will consist of one common share and one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.15 per share for a period of twenty-four (24) months. The common share purchase warrants will be subject to acceleration at the Company's discretion in the event the Company's common shares trade on a volume weighted average price (VWAP) basis of $0.25 or more for a period of ten consecutive trading days. The Company will issue up to 13,000,000 units for gross proceeds of up to $1,300,000. Finder's fees may be paid in accordance with Exchange regulations. Insiders may participate for a portion of the placement. Proceeds will be used to advance the Company's Kahuna project, and for general working capital purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Company has also granted an aggregate of 200,000 stock options to directors of the Company, exercisable at $0.15 per share for a period of five years.
About the Kahuna Project
Kahuna is an advanced stage diamond project located near Rankin Inlet, Nunavut. An Inferred Resource released by Dunnedin showed over 4 million carats of commercial-sized diamonds (+0.85 mm) at a grade of 1.01 carats per tonne had been defined along the partial strike length of the Kahuna and Notch kimberlite dikes through shallow drilling. The largest diamond recovered was a 5.43 carat stone from the Kahuna dike that had been broken during sample processing and was reconstructed as having an original size of 13.42 carats. Recent results include a 0.82 tonne sample of the PST kimberlite dike which returned 96 macrodiamonds totalling 5.34 carats (+0.85 mm) and a 1.02 tonne sample of the Notch kimberlite that returned 36 commercial-sized diamonds (+0.85 mm) totalling 0.66 carats (+0.85 mm). The Kahuna project is located adjacent to the development-stage Meliadine gold project of Agnico Eagle Mines Ltd.
Mr. R. Bob Singh, P.Geo., Exploration Manager, is the qualified person responsible for the technical content of this news release.
For further information please contact Mr. Chris Taylor, M.Sc., P.Geo, CEO, at 778-327-5799.
On behalf of the Board of Directors
Chris Taylor
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
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