Mr. Jeffrey Reeder reports
DURAN ANNOUNCES INCREASE IN PRIVATE PLACEMENT FINANCING
Duran Ventures Inc.'s previously announced $735,000 non-brokered private placement financing has been increased to 16 million units at five cents per unit for total gross proceeds of up to $800,000, subject to approval of the TSX Venture Exchange. Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at an exercise price of 10 cents 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 TSX Venture Exchange is greater than 20 cents 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 per cent of the gross proceeds raised in the offering from purchasers directly introduced to the company by the finders. Additionally, the company anticipates issuing the finders share purchase warrants equal to 6 per cent of the number of units sold to purchasers directly introduced to the company by such finders. Each finder's warrant will be exercisable to purchase one common share at a price of five cents 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 9.14 million units for gross proceeds of $457,000. In connection with the first tranche, finders' 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 Nov. 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 is a Canadian exploration company focused on mineral processing and the exploration and development of precious and base metal properties in Peru.
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