Dunnedin Closes Private Placement, Announces Board and Advisor Appointments
April 29, 2019 – 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 units (each, a “FT Unit“) for gross proceeds of $1,482,050 (the “Offering”).
The Company has issued 11,458,999 NFT Units at a price of $0.075 per share and 5,534,448 FT Units at a price of $0.1125 per share through the Offering. Each 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 $0.15 for a period of twenty-four months. The common share purchase warrants issued as part of the Units are subject to accelerated expiry in the event the common shares of the Company trade on the TSX Venture Exchange at a closing price of $0.25 or more for twenty consecutive trading days.
Claudia Tornquist, President of Dunnedin, said, “Dunnedin’s team is looking forward to kicking off a busy exploration season on several fronts, and we are now fully funded for this work. Over the winter months we have expanded our project portfolio through two acquisitions in the copper porphyry space, MPD and Mohave, to add to our existing copper project, Trapper. This means we now have additional opportunities over and above our Kahuna diamond project in Nunavut and are in a position to explore throughout the year. We will start within weeks with an exploration program at the formerly drilled and recently consolidated MPD in southern BC, which we are confident presents an excellent opportunity for discovery.”
In connection with the closing of the placement the Company paid finders’ fees of $34,496 and issued 451,240 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 September 2, 2019.
Proceeds of the Offering will be used to fund the Company’s exploration program on the MPD copper porphyry project in British Columbia and for general corporate purposes.
Dunnedin is also pleased to report that Patrick McAndless, B.Sc. P.Geo, has joined the Company as Technical Advisor. Patrick is a former Director of Dunnedin Ventures, and an industry awarded explorationist and recognized copper porphyry expert with over 45 years of industry experience and a track record of discovery. He is the recipient of numerous awards, including the prestigious BC and Yukon Chamber of Mines H. H. “Spud” Huestis Award for excellence in prospecting and mineral exploration. The Company has granted Mr. McAndless 50,000 stock options, exercisable at $0.075 per share for five years from the date of issuance.
The Company also announces that Chris Taylor will move from his position as CEO to be Chairman of the board of Dunnedin. Claudia Tornquist will be assuming the role of CEO in addition to the President role. Steven Krause who has been a director of the Company since November 2018 will be appointed as lead independent director.
“I would like to welcome Patrick as a strategic advisor to Dunnedin,” said Tornquist. “He is a leading expert in copper porphyry exploration and well connected in the industry. Dunnedin is fortunate to attract an advisor of Patrick’s caliber and will benefit greatly from his wealth of experience. The new structure of Dunnedin’s board will strengthen the Company as we continue to grow. I am looking forward to working with Chris in his capacity as Chairman where Dunnedin will continue to benefit from his experience and support. I am extremely pleased that Steven has taken on the additional responsibility of lead independent director.”
For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360 or