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Dunnedin Ventures shareholders approve plan of arrangement

Mining News - Published on Wed, 03 Jan 2018

Image Source: thejewelrymagazine.com
Dunnedin Ventures Inc announced that results of an Annual General and Special Meeting of shareholders held on December 22, 2017. At the Meeting, Shareholders approved a plan of arrangement, involving the Company and its wholly-owned subsidiary Solstice Gold Corp, pursuant to which the Company will spin out Solstice as a separately listed company. Under the terms of the POA, shareholders of record of Dunnedin on July 17,2017 will be entitled to receive one share of Solstice for every three shares of Dunnedin held.

At the Meeting, Shareholders approved a plan of arrangement, involving the Company and its wholly-owned subsidiary Solstice Gold Corp, pursuant to which the Company will spin out Solstice as a separately listed company.

Under the terms of the POA, shareholders of record of Dunnedin on July 17,2017 will be entitled to receive one share of Solstice for every three shares of Dunnedin held. Following the Meeting, the Company was granted a final order from the Supreme Court of British Columbia, approving the POA. Completion of the POA remains subject to the satisfaction of certain closing conditions, and the Company will issue a further news release once the effective date for completion of the POA has been confirmed. Solstice holds Dunnedin's gold mineralization rights covering the Kahuna Project, including registered ownership of 66 full claims, 50% of 12 additional claims as well as certain other mineral rights. Solstice will be operated by an experienced management team comprised of Executive Chairman David Adamson Ph.D., President Marty Tunney PEng., Vice President Exploration Bob Singh P.Geo, and Chief Financial Officer Tony Ricci CPA, CA.

Meanwhile, Dunnedin's primary asset is the Kahuna project, where it is completing final steps to earn a 100 % interest. Kahuna is an advanced stage high grade diamond project located near Rankin Inlet, Nunavut. Dunnedin is now recovering diamonds and indicator minerals from a series of kimberlite and till samples collected from three seasons of field work. An Inferred Resource released by Dunnedin showed over 4 million carats of macrodiamonds (+0.85 mm) at a grade of 1.01 carats per tonne had been defined along the partial strike length of the Kahuna and Notch kimberlite dikes through shallow drilling, and remains open to extension. The largest diamond recovered was a 5.43 carat stone from the Kahuna dike which was a piece of a larger diamond that had been broken during the sample preparation process and was reconstructed as having an original size of 13.42 carats. Recent results include a 2.03 tonne sample of the PST kimberlite dike which returned 223 macrodiamonds totalling 8.17 carats (+0.85 mm) and a 2.36 tonne sample of the Notch kimberlite which returned 89 macrodiamonds totalling 2.38 carats (+0.85 mm).

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Posted By : Rabi Wangkhem on Wed, 03 Jan 2018
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