Copper-focused resource group Dunnedin Ventures Inc (CVE:DVI) (OTCMKTS:OTCFF), which is changing its name to Kodiak Copper Corp, told investors Thursday that it has now closed its previously announced placing, raising C$2.8 million gross.
"With the closing of this private placement in exceptionally difficult market conditions, we are now fully funded for the upcoming drill program at our 100% owned MPD copper-gold porphyry project in South-Central BC," said Claudia Tornquist, president and CEO.
"We will commence preparatory work immediately for what will be an exciting summer exploration program at our MPD copper-gold porphyry project.
"The recent discovery of the high-grade Gate Zone just below the shallow historic drilling horizon has kicked the door wide open for further discoveries and the potential expansion of this compelling new target. We are looking forward to creating value for our shareholders through discovery in 2020."
The proceeds of the offering will be used to fund the group's exploration programs on its wholly-owned, advanced-stage copper porphyry exploration projects in British Columbia and Arizona, and for general corporate purposes, the company noted.
The firm will consolidate its shares on the basis of one new post-consolidation share for every five pre-consolidation ones. It is expected that Kodiak's shares will trade on the TSX Venture Exchange under the ticker symbol (KDK).
Dunnedin issued over 10.3 million non-flow-through units at $0.07 a throw and 1.3 million flow-through units at $0.09 each and over 18.6 million charity flow-through units at C$0.105 each.
Each unit comprises one pre-consolidation share and one-half-of-one share purchase warrant entitling the holder to buy a further pre-consolidation share for C$0.11 for 24 months.
The share purchase warrants are subject to accelerated expiry if the company shares trade on the TSX Venture Exchange at a closing price of C$0.25 per pre-consolidation share or more for 20 consecutive days.
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