Dunnedin Ventures Inc. (CVE:DVI) (OTCMKTS:OCPFF) announced is continuing to build up its copper exploration portfolio, as it announced it has raised C$1.48 million in financing to expand its exploration program on the MPD copper porphyry project in British Columbia and for general corporate purposes.
Shares of Dunnedin were up 6.7% at C$0.08 on Monday.
"Dunnedin's team is looking forward to kicking off a busy exploration season on several fronts, and we are now fully funded for this work. Over the winter months we have expanded our project portfolio through two acquisitions in the copper porphyry space, MPD and Mohave, to add to our existing copper project, Trapper. This means we now have additional opportunities over and above our Kahuna diamond project in Nunavut and are in a position to explore throughout the year," said Claudia Tornquist, president of Dunnedin, in a statement.
"We will start within weeks with an exploration program at the formerly drilled and recently consolidated MPD in southern BC, which we are confident presents an excellent opportunity for discovery," added Tornquist.
MPD is Dunnedin's newest copper-porphyry project, located in south-central British Columbia. MPD is situated between the long-time producing Highland Valley and Copper Mountain mines. Dunnedin also holds the Trapper Porphyry Project in the northern Golden Triangle region of British Columbia.
The company also made a number of board and advisor appointments. The company announced Claudia Tornquist will be taking on the role of CEO in addition to the president role she currently holds, and Chris Taylor will move to be chairman of the board of Dunnedin.
The company also has tapped Patrick McAndless as technical advisor. McAndless is a former director of Dunnedin, and an award-winning explorationist and copper porphyry expert, holding more than 45 years of industry experience.
"I would like to welcome Patrick as a strategic adviser to Dunnedin," said Tornquist. "He is a leading expert in copper porphyry exploration and well connected in the industry. Dunnedin is fortunate to attract an adviser of Patrick's caliber and will benefit greatly from his wealth of experience. The new structure of Dunnedin's board will strengthen the company as we continue to grow. I am looking forward to working with Chris in his capacity as chairman where Dunnedin will continue to benefit from his experience and support. I am extremely pleased that Steven has taken on the additional responsibility of lead independent director."
The company issued approximately 5.5 million flow-through units at a price of C$0.11.25 and 11.5 million non-flow-through units priced at C$0.75, for gross proceeds totalling C$1.48 million.
Flow-through shares are a unique financing vehicle for junior mining companies in Canada, giving investors tax incentives for funding resource exploration.
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