21 July 2017
Dunnedin Ventures Inc. today announced that it has completed an over-subscribed non-brokered private placement of flow-through and non-flow through units for gross proceeds of $4,546,250. In connection with closing of the placement, the company issued 1,325,000 FT Units at a price of $0.32, and 16,489,000 NFT Units at a price of $0.25. The company has also received gross proceeds of $597,000 from receipt of 3,980,000 warrants originating from a private placement closed on August 29, 2016, bringing total gross proceeds of the current private placement and warrant funds receipt to $5,143,250. The company intends to use the proceeds of the private placement to advance its ongoing exploration program on the Kahuna project, located near Rankin Inlet, Nunavut, and for general working capital purposes including completion of its previously announced spinout of rights associated with gold mineralization on that project. It is anticipated that a significant portion of the proceeds of the placement will be used to advance gold exploration work on the project.