Toronto, Ontario (FSCwire) - Duran Ventures Inc. (TSXV: DRV; BVL: DRV) (“Duran” or the “Company”) announces that its previously announced $735,000 non-brokered private placement financing (the “Offering”) has been increased to 16,000,000 units (each, a “Unit”) at $0.05 per Unit for total gross proceeds of up to $800,000, subject to approval of the TSX Venture Exchange (the “TSXV”). Each Unit will consist of one common share of the Company (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase one additional Common Share at an exercise price of $0.10 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 $0.20 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 anticipates entering into a finder’s agreement with one or more finders to assist the Company with the Offering. The Company anticipates paying such finders a cash fee equal to 6% of the gross proceeds raised in the Offering from purchasers directly introduced to the Company by the finders (“Purchasers”). Additionally, the Company anticipates issuing the finders share purchase warrants (the “Finders Warrants”) equal to 6% of the number of Units sold to purchasers directly introduced to the Company by such finders. Each Finders Warrant will be exercisable to purchase one Common Share at a price of $0.05 for a period of two years from the closing of the Offering.
The net proceeds from the Offering will be used for the Aguila Norte plant operations, and general and administrative purposes. All securities issued in the Offering and to the finders will be subject to a restricted period of four months and one day as required under applicable securities laws.
The Company has closed the first tranche of the Offering, which consisted of 9,140,000 Units for gross proceeds of $457,000. In connection with the first tranche finder’s fees of $18,720 in cash were paid and 374,000 Finders Warrants were issued. All securities issued in the first tranche are subject to a restricted period of four months and one day, expiring on November 7, 2018.
The Company expects to hold one or more additional closings on or before July 30, 2018; however there can be no assurances that any such closings will occur.
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.
Duran Ventures Inc. is a Canadian resource company Listed on the
TSX Venture Exchange and the Bolsa de Valores de Lima: Symbol “DRV”
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290
Neither the 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.
Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. We use words such as “might”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “forecast” and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.