By Laura Lutz
Des Moines, Aug. 15 - Duran Ventures Inc. closed a private placement of units for C$3.707 million, up from the C$3.5 million size announced on July 18.
The company sold 3.707 million units at C$1.00 each.
The units will each consist of one share and one half-share warrant. The warrants are exercisable at C$1.50 for 18 months.
The warrants may expire earlier if shares trade for C$2.00 or more for 20 consecutive trading days after a four-month holding period.
MacMillan Gold Corp., Duran's joint venture partner in Peru, subscribed for 200,000 units.
George A. Brown, chief executive officer and director of Duran, and John Thompson, a director, each subscribed for 20,000 units. Jeff Reeder, another director, subscribed for 5,000 units.
Proceeds will be used for work on the Peruvian joint venture and for working capital.
Duran Ventures is a Toronto-based mineral exploration company.
| Issuer: | Duran Ventures Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3.707 million
|
| Units: | 3.707 million
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.50
|
| Investors: | MacMillan Gold Corp. (for 200,000 units), George A. Brown (for 20,000 units), John Thompson (for 20,000 units), Jeff Reeder (for 5,000 units)
|
| Announcement date: | July 18
|
| Settlement date: | Aug. 15
|
| Stock symbol: | TSX Venture: DRV
|
| Stock price: | C$1.02 at close July 18
|
| Stock price: | C$0.93 at close Aug. 15
|
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