Dunnedin Closes $1.3M Private Placement
Vancouver, BC, Canada / TheNewswire / August 29, 2016 - Dunnedin Ventures Inc. (the "Company" or "Dunnedin") (TSX-V: DVI) announces the closing of a non-brokered private placement previously announced on August 4, 2016. The Company has raised gross proceeds of CDN$1,300,000.
The placement consisted of 13,000,000 units at a price of $0.10, with each unit consisting 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 are 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. Insiders participated for a portion of the placement. Proceeds will be used to advance the Company's Kahuna project, and for general working capital purposes.
The Company has paid $40,180 in finder's fees, and has issued 574,000 finder's warrants that are exercisable into common shares at a price of $0.15 for a period of twenty-four (24) months. The placement has received conditional Exchange approval.
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.
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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