Dunnedin Completes Private Placement, Raises $765,000

About this update from Kodiak Copper Corp.

[{"type":"text","content":"Dunnedin Completes Private Placement, Raises $765,000(via Thenewswire.ca)\n\n \nFebruary 9, 2016 / TheNewswire / Vancouver, BC, Canada. - Dunnedin Ventures Inc. (the \"Company\" or \"Dunnedin\") (TSX-V: DVI) announces that it has closed the final tranche of its private placement, announced on December 21, 2015, bringing gross proceeds of the placement to $764,640. Since November 2015, the Company has raised a total of $922,640, which will be used to fund ongoing diamond recovery and exploration activities at the Kahuna diamond project, and to support corporate activities.\n\n\n \nThrough the current placement, the Company has issued a total of 9,500,000 non-flow-through units at a price of $0.05 per unit for gross proceeds of $475,000, and 4,455,997 flow-through units at a price of $0.065 per unit, for gross proceeds of $289,640. Each non-flow-through and flow-through unit consists of one common share of the Company, and one-half-of-one common share purchase warrant, each full warrant entitling the holder to acquire one additional common share at a price of $0.10 per share for a period of twenty-four (24) months, subject to acceleration in the event the Company's common shares trade at a price of $0.15 or higher.\n\n\n \nDunnedin's advisor Charles (Chuck) Fipke, Ph.D, through his wholly-owned company 0974052 B.C. Ltd., participated for a total of 5,000,000 non-flow-through units of the placement, for a total of $250,000. This participation is part of the agreement that Dunnedin has entered into with Kel-ex Development Ltd. (\"Kel-ex\"), a private company controlled by Dr. Fipke, whereby Kel-ex will provide equity financing equal to one-third of Dunnedin's ongoing diamond processing and other laboratory costs incurred through CF Mineral Research Ltd. of Kelowna, British Columbia. Pursuant to this agreement, Dr. Fipke has agreed to provide certain professional and technical advisory services to Dunnedin. In exchange, the Company has granted a right-of-first-refusal to Kel-ex on the sale of its interests in the Kahuna diamond project.\n\n \n \nDr. Fipke stated, \"Early results from the Kahuna project have been encouraging. Diamonds recovered from Dunnedin's first sample have positive size, shape and colour characteristics, and we've also observed rare indicator mineral chemistry that is associated with large diamonds at producing d...

More updates from Kodiak Copper Corp.