(via Thenewswire.ca)
December 31, 2015 / TheNewswire / Vancouver, BC, Canada. - Dunnedin Ventures Inc. (the "Company" or "Dunnedin") (TSX-V: DVI) announces that it has closed the first tranche of its non-brokered private placement, announced on December 21, 2015, for gross proceeds of $429,639. On closing, the Company issued 2,800,000 non-flow-through units (the "Non-Flow-Through Units"), at a price of $0.05 per unit, and 4,455,997 flow-through units (the "Flow-Through Units"), at a price of $0.065 per unit. The Company anticipates closing a further tranche of Non-Flow-Through Units in January.
Each Non-Flow-Through Unit, and Flow-Through Unit, consists of one common share of the Company, and one-half-of-one common share purchase warrant (each full warrant, a "Warrant"). Each Warrant entitles the holder to acquire one additional common share at a price of $0.10 per share for a period of twenty-four (24) months, subject to acceleration in the event the Company's common shares trade at a price of $0.15 or higher.
In connection with closing of the placement, the Company paid fees of $21,675, and issued 365,307 Warrants, to finders who introduced subscribers to the Company. All securities issued in connection with the placement are subject to a four-month-and-one-day statutory hold period.
The Company will use the funds raised to advance the Kahuna project and support its corporate operations.
For further information please contact Mr. Chris Taylor, M.Sc., P.Geo, CEO at 604 681 0084.
On behalf of the Board of Directors
Dunnedin Ventures Inc.
Chris Taylor
Chief Executive Officer
About the Kahuna Project
Kahuna is an advanced stage high grade diamond project located near Rankin Inlet, Nunavut. Three main diamondiferous kimberlite dikes, Kahuna, PST and Notch, have been drilled and bulk sampled and returned grades of 0.85 to 2.18 carats per tonne. Dunnedin is now recovering diamonds from a series of samples collected in summer 2015, with the first 0.82 tonne PST sample returning 96 macrodiamonds totalling 5.34 carats (+0.85 mm), yielding a sample grade of 6.50 carats per tonne. An Inferred Resource released by Dunnedin showed over 4 million carats of macrodiamonds (+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 kimberlites through shallow drilling. The largest diamond recovered was a 5.43 carat stone from the Kahuna dike that had been broken during the sample preparation process and was reconstructed as having an original size of 13.42 carats. The dikes have comparable strike lengths, widths and grades to producing diamond mines and occur within a broad network of largely untested geophysical targets, overlain by dense diamond indicator mineral trains.
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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