October 8, 2014 – Vancouver, BC, Canada. – Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) is pleased to announce that it has closed its private placement of 21,000,000 common shares at a price of $0.05 per common share for a gross proceed of $1,050,000. The private placement was oversubscribed by $50,000.
In connection with the private placement, the Company has paid finder’s fees of $27,212.50 and has issued 734,250 finder’s warrants, and 210,000 common shares, to finders who introduced subscribers for this offering to the Company. Each finder’s warrant is exercisable into common shares of the Company, at a price of $0.10 per share for a period of 12 months. All securities issued in connection with the offering are subject to a pooling arrangement. The Company has elected to reduce the term of the pooling arrangement, as previously disclosed, such that 50% of shares issued in the private placement are released from the pool after six months, and the balance after twelve months.
The proceeds of the offering will be used for general working capital purposes.
For further information please contact Mr. Chris Taylor, M.Sc. P.Geo., CEO at 604-681-0084.
On behalf of the Board of Directors
Dunnedin Ventures Inc.
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.