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| | June 02, 2005
Dundarave Closes $288,000 Private Placement Financing
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| | Dundarave Resources Inc. (TSX-V: DDX), ("the Company") is pleased to announce that it has closed its private placement of 1,600,000 units in the capital of the Company and received gross proceeds of $288,000. The offering consisted of 1,600,000 units, each unit consisting of one share and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase an additional share for a period of two years at a price of $0.24.
The proceeds of this financing will be used for property investigation and general working capital.
In addition the Company announces the grant of directors and employees incentive options to purchase up to 125,000 shares in the capital of the Company at a price of $0.32 for a period of two years, expiring on June 2, 2007. The foregoing is subject to TSX Venture exchange approval.
ON BEHALF OF THE BOARD
Paul Matysek, M.Sc., P. Geo.
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. |
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