Dunnedin Ventures Inc. (TSXV:DVI) has closed a non-brokered private placement previously announced on Aug. 4, 2016. The company has raised gross proceeds of $1.3-million.
The placement consisted of 13 million units at a price of 10 cents, with each unit consisting of one common share and one common share purchase warrant entitling the holder to acquire one additional common share at a price of 15 cents per share for a period of 24 months. The common share purchase warrants are subject to acceleration at the company’s discretion in the event the company’s common shares trade on a volume-weighted-average-price basis of 25 cents or more for a period of 10 consecutive trading days. Insiders participated for a portion of the placement. Proceeds will be used to advance the company’s Kahuna project and for general working capital purposes.
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