14 August 2018
August 14, 2018 – Vancouver, British Columbia – Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) today announced that it has closed a non-brokered private placement of non flow-through units (each, a “NFT Unit”) and flow-through shares (each, a “FT Share“) for gross proceeds of $1,802,500 (the “Offering”).
The Company has issued 5,080,000 NFT Units at a price of $0.20 per share and 3,419,565 FT Shares at a price of $0.23 per share through the Offering. Each NFT Unit consists of one common share and one-half-of-one common share purchase warrant entitling the holder to acquire an additional common share at a price of $0.28 for a period of twenty-four months. The common share purchase warrants issued as part of the NFT Units are subject to accelerated expiry in the event the common shares of the Company trade on the TSX Venture Exchange at a volume weighted average price (VWAP) of $0.45 or more for twenty consecutive trading days.
Claudia Tornquist, President of Dunnedin, said, “To date in 2018 we have successfully extended two of our diamond-bearing kimberlite dikes, discovered a new kimberlite pipe and proven the effectiveness of our methods for locating new kimberlites by analysing at-surface diamond indicator minerals. We are currently awaiting the diamond recovery results from the kimberlite pipes drilled during our recent summer program, which are expected throughout the fall. In the meantime we are preparing to conduct additional field work to inform our next drill program in winter and, working with our advisor and largest shareholder Dr. Chuck Fipke, we continue to prioritize numerous additional kimberlite targets.”
Proceeds of the Offering will be used to fund the Company’s exploration and analysis work on the Kahuna Diamond Project in Nunavut and for general corporate purposes.
In connection with the closing of the placement the Company paid finders’ fees of $80,490 and issued 367,761 common share purchase warrants exercisable to acquire common shares of the Company (each, a “Finders Warrant”) to eligible parties who introduced subscribers to the placement. All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period from the date of issue, expiring on December 15, 2018.