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.
TORONTO, ONTARIO--(Marketwire - Dec. 6, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Duran Ventures Inc. (News - Market indicators)(BVL:DRV) ("Duran" or the "Company") is pleased to announce that it has closed a fully marketed private placement (the "Offering") led by KALLPA Securities Sociedad Agente de Bolsa S.A. (the "Agent") of Peru, South America. The Company issued a total of 14,847,727 units (the "Units") to purchasers resident outside North America at a price of US$0.12 per Unit, for gross proceeds of US$1,781,727. Each Unit is comprised 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 C$0.20 for a period of twelve months from the date of closing.
In connection with the Offering, the Agent was paid a cash commission in an amount equal to 7% of gross proceeds from Units sold and broker warrants in an amount equal to 7% of the number of Units sold. Each broker warrant will entitle the holder to purchase one Common Share at an exercise price of C$0.20 per Common Share for a period of twelve months from the date of closing.
The securities issued in connection with the Offering are subject to a four month hold period in Canada from the date of issue.
The net proceeds of the Offering will be used for exploration and development of the Company's mineral projects in Peru and general corporate purposes. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the final approval of the TSX Venture Exchange.
Duran Ventures is a Canadian exploration company focused on the exploration and development of porphyry copper, precious metal, and polymetallic deposits in Peru. The Company's principal project is the Aguila Copper-Molybdenum Porphyry Project with related silver-lead-zinc mineralization.
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange and the Risk Capital Segment of the Lima Stock Exchange: Symbol "DRV".
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.