By Devika Patel
Knoxville, Tenn., Aug. 25 - Duran Ventures Inc. said it will take in C$1 million from a private placement of units.
The company will sell 20 million units at C$0.05 apiece. Each unit consists of one common share and one warrant. Each warrant is exercisable at C$0.10 for two years.
The warrants may expire sooner if the company's common shares trade at C$0.15 or higher for 10 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders through a news release.
Proceeds will be used for working capital purposes and to fund Duran's work program requirements.
Duran Ventures is a Toronto-based mineral exploration company.
| Issuer: | Duran Ventures Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Aug. 25
|
| Stock symbol: | TSX Venture: DRV
|
| Stock price: | C$0.055 at close on Aug. 24
|
| Market capitalization: | C$4.12 million
|
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