Ms. Marcy Kiesman reports
DURANGO CLOSES FIRST TRANCHE OF FINANCING
Durango Resources Inc.
has closed the first tranche of its private placement financing announced in the news release dated April 12, 2016. The first tranche consists of 1,325,000 units at a price of 20 cents per unit for gross proceeds of $265,000.
Each unit consists of one common share and one share purchase warrant. Each warrant will be exercisable for one share at an exercise price of 30 cents for a period of 24 months from the date of issuance.
Proceeds from the first tranche will be used for exploration of Durango's properties and general working capital. The shares and warrants issued pursuant to the first tranche will be subject to a four-month hold period commencing on the date of issuance.
The closing of
tranches will remain subject to certain conditions, including, but not limited to, the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. Further updates on additional tranches in the financing will be provided as they become available.
Marcy Kiesman, chief executive officer of Durango, comments: "We are pleased with the confidence that our investors are showing in Durango's corporate strategy in 2016. With our favourable share structure, strengthened financial position, compelling property holdings and focused management team, Durango is poised for an exciting year ahead. Management will be keeping investors updated as we develop strategic exploration programs in the near future."
We seek Safe Harbor.
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