Canaccord is the investor; offering proceeds to fund mineral projects
By Devika Patel
Knoxville, Tenn., Jan. 7 - Duran Ventures Inc. said it settled the second and final tranche of a private placement of units. The deal priced for C$5.02 million with a C$1.01 million greenshoe on Dec. 15, and the company raised C$6.44 million in the initial tranche on Dec. 23. It raised C$1 million in this closing for a total of C$7.44 million.
The company sold a total of 57,253,000 units at C$0.13 apiece to Canaccord Genuity Corp. It sold 49,553,000 units in the first tranche and 7.7 million units in the second. 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.
Proceeds will be used for exploration and development of the company's mineral projects and 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$7,442,890 (including C$2,424,890 greenshoe)
|
| Units: | 57,253,000
|
| 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 (for C$6,441,890), Jan. 7 (for C$1,001,000)
|
| Stock symbol: | TSX Venture: DRV
|
| Stock price: | C$0.14 at close Dec. 14
|
| Market capitalization: | C$36.43 million
|
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