Business
Dunnedin Announces Private Placement of $3,000,000 and Planned Name Change to Kodiak Copper Corp.
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2020) - Dunnedin Ventures Inc. ( T...
About this update from Kodiak Copper Corp.
[{"type":"text","content":"Dunnedin Announces Private Placement of $3,000,000 and Planned Name Change to Kodiak Copper Corp.Vancouver, British Columbia--(Newsfile Corp. - February 13, 2020) - Dunnedin Ventures Inc. (TSXV: DVI) (the \"Company\" or \"Dunnedin\") announces a non-brokered private placement financing (the \"Private Placement\") to raise aggregate gross proceeds of up to $3,000,000 through the issuance of a combination of non-flow-through units and flow-through units (each, a \"Unit\"). In conjunction with the Private Placement, the Company's name will be changed to Kodiak Copper Corp. In addition, Dunnedin plans to consolidate the Company's common shares on the basis of one (1) new post-consolidation common share for every five (5) pre-consolidation common shares (the \"Consolidation\"). Claudia Tornquist, President and CEO of Dunnedin stated, \"2019 was a transitional year for Dunnedin as we refocused the Company from diamond to copper exploration. We acquired two porphyry projects, MPD and Mohave, and together with our Trapper project now have a portfolio of three 100%-owned copper porphyry projects, all large scale and with immediate exploration upside. Our first drill program at MPD yielded excellent results and we recently announced the best drill hole in the 50-year history of the project and the discovery of the high-grade Gate Zone. Over spring and summer of 2020 we are planning a bigger drill program at MPD to follow up on this initial success and we will also start exploring our Mohave project. The name change to Kodiak Copper Corp. marks the final step of our company's transition to copper exploration and the start of what will be a very active year as we continue to work to unlock the discovery potential of our porphyry projects for our shareholders.\"FinancingOn a post-Consolidation basis non-flow-through units will be priced at $0.35 ($0.07 pre-Consolidation), flow-through units at $0.45 ($0.09 pre-Consolidation) and charity-flow-through units at $0.525 ($0.105 pre-Consolidation) (each, a \"Unit\"). Each Unit to be issued in the Private Placement will consist of one common share in the capital of the Company and one-half of one transferable common share purchase warrant (each whole warrant, a \"Warrant\"). The Warrants will entitle the holder to acquire an additional post-Consolidation common share at an exercise price of $0.55 f...