Canadian Diamond Explorer Dunnedin Ventures Raises $1.1M

Mining and Exploration
04/01/2017 10:15

Dunnedin Ventures - an exploration company based out of Vancouver, BC, whose main focus is the advanced stage Kahuna Project in Nunavut, Canada - announced it has received gross proceeds of $1,119,031 (US$835,000) from a combination of warrant exercise and flow through financing. Through a warrant acceleration program announced in November 2016, as well as receipt of other exercised common share purchase warrants, the Company has received gross proceeds of $734,031 ($547,500) and has issued 7,343,307 common shares.  All accelerated $0.10 warrants were exercised by warrant holders. The Company also announces it has closed a $385,000 ($US287,000) flow-through financing on December 30, 2016. The Company issued 1,750,000 flow-through common shares in its capital stock at a price of $0.22 per flow-through share.  Proceeds from the flow-through offering will be used to finance qualified Canadian exploration expenditures (CEE) work primarily related to the Company’s Kahuna project in Nunavut.

“Dunnedin is entering 2017 strongly positioned to benefit shareholders through ongoing exploration at the Kahuna project,” said Chris Taylor, Dunnedin’s CEO. “We are currently working with management and counsel to determine the mechanics and timing of the previously announced spinout of our gold and copper assets, and will update shareholders as information becomes available.  Review of our recently purchased Kahuna project data set is also underway and results will be released as analyses are completed.”