Canaccord has C$1.01 million greenshoe; deal funds mineral projects
By Devika Patel
Knoxville, Tenn., Dec. 15 - Duran Ventures Inc. said it plans a private placement of units. There is a C$1.01 million greenshoe for the C$5.02 million deal.
The company will sell 38.6 million units at C$0.13 apiece on a bought-deal basis to Canaccord Genuity Corp. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.20 for two years.
The strike price reflects a 42.86% premium to C$0.14, the closing share price on Dec. 14.
Settlement is expected Dec. 23.
Proceeds will be used for exploration and development of the company's mineral projects and for general corporate purposes.
Toronto-based Duran Ventures explores for porphyry copper, precious metal and polymetallic deposits in Peru.
| Issuer: | Duran Ventures Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5,018,000
|
| Greenshoe: | C$1,014,000
|
| Units: | 38.6 million
|
| Price: | C$0.13
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Investor: | Canaccord Genuity Corp.
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 23
|
| Stock symbol: | TSX Venture: DRV
|
| Stock price: | C$0.14 at close Dec. 14
|
| Market capitalization: | C$17.04 million
|
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