Toronto, Ontario--(Newsfile Corp. - September 22, 2017) - Duran Ventures Inc. (TSXV: DRV) (BVL: DRV) ("Duran" or the "Company") is pleased to announce that its previously announced non-brokered private placement financing (the "Offering") has been extended to October 25, 2017, and increased to 10,000,000 units (the "Units") at $0.05 per Unit for gross proceeds of up to $500,000 subject to final TSX Venture Exchange ("TSXV") approval. Each Unit consists of one common share of the Company ("Common Share") and one half common share purchase warrant (each whole common share purchase warrant a "Warrant").
Each Warrant will entitle the holder to purchase one additional Common Share at an exercise price of $0.075 for a period of two years from the closing of the Offering. In the event that the closing sale price of the Common Shares on the TSXV is greater than C$0.15 per share for a period of 20 consecutive trading days at any time after the date that is four months and one day after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof (which notice may take the form of a press release) and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
The Company has closed the first two tranches of the Offering, consisting of a total of 2,750,000 Units for aggregate gross proceeds to the Company of $137,500. No finder's fees were paid in connection with the first two tranches. The Company expects to hold one or more additional closings of the Offering on or before October 25, 2017; however there can be no assurances that any such closings will occur.
As previously announced, the net proceeds from the Offering will be used for the Aguila Norte plant commissioning and operations and general and administrative purposes.
About Duran
Duran Ventures Inc. is a Canadian exploration company focused on mineral processing and the exploration and development of precious and base metal properties in Peru.
For further information on Duran please visit www.duranventuresinc.com.
