Dunnedin Ventures Inc (CVE:DVI) announced Thursday it has launched a non-brokered private placement financing of up to $500,000.
As part of the financing, the company said in a statement that it will offer a combination of non-flow-through units priced at $0.075 and flow-through units priced at $0.1125 each.
Proceeds will be used to fund Dunnedin’s exploration programs on its wholly-owned, advanced-stage copper porphyry exploration projects in British Columbia and Arizona, and for general corporate purposes.
READ: Dunnedin Ventures kicks off its first drill campaign at MPD copper-gold project in British Columbia
Each unit to be issued in the placement will consist of one common share in the capital and one-half-of-one transferable common share purchase warrant. It is anticipated that key existing shareholders and insiders of the company will participate.
"This small top-up financing will bolster Dunnedin's reserves and give us additional flexibility as we execute our initial drill program at our 100%-owned MPD copper-porphyry project in Southern British Columbia, and plan our exploration strategy for 2020,” said CEO Claudia Tornquist.
“Our crews are on-site at MPD and the work is progressing on time and on budget. A particularly intriguing area we are drill-testing is a porphyry target at Prime that was tagged during historic drilling in 2013 and never followed up. In this area. both copper and gold grades, and bornite increased at depth, which is the desired outcome.”
Tornquist noted that historic results include a drill intercept of 123 metres of 0.25% copper and 0.03 g/t gold, including 0.34% copper and 0.066 g/t gold over the last 25 metres, before the hole ended, still in mineralization.
“This is just one of many examples that illustrate the excellent discovery potential at MPD. We are looking forward to the results of the current drill program by January," she added.
The warrants to be issued as part of the units will entitle the holder to acquire an additional common share at a price of $0.15 for a period of 24 months. They are subject to accelerated expiry in the event the Dunnedin’s common shares trade on the TSX Venture Exchange at a closing price of $0.25 or more for 20 consecutive trading days.
The closing date for the placement is scheduled to occur on or before November 28. All securities issued will be subject to a statutory four-month hold period.
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