Duran Ventures Announces First Closing of Financing
TORONTO, ONTARIO--(Marketwired - Aug. 16, 2013) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") is pleased to announce that it has completed the first tranche of its previously announced $500,000 non-brokered private placement financing (the "Offering"). The Offering consists of up to 16,666,666 units (each, a "Unit") at $0.03 per Unit for total gross proceeds of up to $500,000, 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 half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share at an exercise price of $0.06 for a period of one year from the closing of the Offering and thereafter at an exercise price of $0.10 until the date that is two years from the closing of the Offering. The Offering is being conducted in accordance with TSXV Bulletin dated August 17, 2012 regarding Private Placements - Temporary Relief from Certain Pricing Requirements as amended on April 12, 2013 (the "Relief Provisions"). Proceeds of the Offering will be spent in accordance with the Relief Provisions and are expected to be used towards payment of outstanding payables, including exploration expenditures and general and administrative expenses. The Offering has been approved by Duran's board of directors, excluding those directors that have a direct interest in the Offering.
The Offering includes a provision for a finder's fee payable at a rate of up to 5% of the gross proceeds raised in the Offering from purchasers directly introduced to the Company by the finders ("Purchasers") and finders share purchase warrants (the "Finders Warrants") at a rate of up to 5% of the number of Units sold to Purchasers directly introduced to the Company by such finders. Each Finders Warrant is exercisable to acquire one common share at an exercise price of $0.06 for a period of one year from the closing of the Offering and thereafter at an exercise price of $0.10 until the date that is two years from the closing of the Offering.
Under the first tranche the Company issued 4,000,000 Units for gross proceeds of $120,000. The Company paid finder's fees of $6,000 cash and issued 200,000 Finders Warrants. 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 expects to complete one or more additional closings with respect to the Offering by no later than September 12, 2013.
Duran is a Canadian exploration company focused on the exploration and development of porphyry copper, precious metal, and polymetallic deposits 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"
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 that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in copper and molybdenum and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our Peruvian activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which 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.