Duran Ventures Inc. (TSXV: DRV; BVL: DRV) ('Duran' or the 'Company') is pleased to announce that it has completed the first tranche of its previously announced $990,000 non-brokered private placement financing (the 'Offering'). The first tranche consisted of 6,718,421 units ('Units') at $0.09 per Unit for gross proceeds of $604,658. Each Unit consists of one common share of the Company ('Common Share') and one common share purchase warrant ('Warrant'). Each Warrant entitles the holder thereof to purchase one additional Common Share at an exercise price of $0.15 for a period of two years from the closing of the first tranche. In conjunction with the first tranche, the Company paid finders fees in the aggregate amount of $11,610 cash and issued 12,000 finders share purchase warrants (the 'Finders Warrants'). Each Finders Warrant is exercisable to acquire one common share at an exercise price of $0.09 for a period of two years from the date of closing of the first tranche.
As previously announced, the net proceeds from the Offering will be used for the Aguila Norte plant commissioning and expansion, Aguila Norte, Chucara and Huachacolpa property development and general and administrative purposes.
All securities issued in the first tranche will be subject to a restricted period of four months and one day as required under applicable securities laws, expiring on November 26, 2016.
Insiders of the Company acquired a total of 2,266,667 Units in the first tranche (the 'Insider Participation'), which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 in respect of such Insider Participation. No new insiders were created, nor has there be any change of control as a result of the first tranche.
The Company is also pleased to announce that the Offering has been increased to 13,000,000 Units at $0.09 per Unit for gross proceeds of up to $1,170,000, subject to final TSX Venture Exchange approval. The Company expects to hold one or more additional closings on or before August 22, 2016.
Prior to closing of the first tranche of the Offering, Mr. Richard Mazur held 2,572,476 Common Shares (representing 7.67% of the Company's issued and outstanding share capital). Under the first tranche of the Offering, Mr. Mazur acquired ownership and control over 1,200,000 Units at a price of $0.09 per Unit (representing 2.98% of the Company's issued and outstanding share capital, and 5.79% assuming all Warrants are exercised on a partially diluted basis for total purchase price of $108,000. As a result of the Offering, Mr. Mazur now has ownership and direction or control over an aggregate of 3,772,476 Common Shares, representing 9.37% of the issued and outstanding Common Shares (or 4,972,476 Common Shares and 12.00% of the Company's then outstanding Common Shares, assuming exercise of Mr. Mazur's Warrants on a partially diluted basis). To obtain a copy of the early warning report filed by Mr. Mazur in relation to the foregoing, please contact Daniel Hamilton at 416 867-1591.
The Units purchased by Mr. Mazur are for investment purposes and Mr. Mazur does not have any present intention to acquire further securities of the Company, although Mr. Mazur may, in the future, acquire or dispose of securities of the Company through the market or otherwise, as circumstances or market conditions warrant.
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 .
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
or Oscar Pezo at (011) 511 422-1467
Website: www.duranventuresinc.com Email: [email protected]
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.