Dunnedin Ventures Inc. said Jan. 31 that it completed the previously announced spinout of its Solstice Gold Corp. unit, which holds Dunnedin's gold mineralization rights including those within the Kahuna diamond project in Nunavut, Canada.
The spinout saw the issuance of 1 common Solstice share for every 3 common Dunnedin shares held as of July 17, 2017.
Concurrently, Solstice Gold closed a nonbrokered private placement of units and flow-through shares, raising about C$8.4 million for exploration activities at Kahuna and general working capital. Solstice issued 26,534,400 units at 25 Canadian cents each and 5,809,334 flow-through shares at 30 cents apiece.
Each unit comprises 1 common Solstice share and half of a warrant, with a whole warrant exercisable for 1 common share at 35 cents for 30 months.
Solstice Executive Chairman David Adamson said the company is planning this year's activities at Kahuna, including defining drill targets and further evaluating the land package.
