TORONTO, ONTARIO--(Marketwire - June 25, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Duran Ventures Inc. (TSX VENTURE:DRV) ("Duran" or the "Company") announces that it has completed the second and final tranche of a non-brokered private-placement financing (the "Offering") for gross proceeds of $659,600. As previously announced on June 4, 2012, the first tranche of the Offering raised gross proceeds of $600,000. The Offering was oversubscribed, with total gross proceeds from the Offering of $1,259,600.
In total, for both tranches, the Offering consisted of the sale of 15,745,000 units (the "Units) at a price of $0.08 per Unit, with each Unit comprised of one common share of the Company and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to subscribe for one additional common share at an exercise price of C$0.12 for a period of twelve months from the date of closing. The Offering also included a provision for a finder's fee payable at a rate of up to 5% of gross proceeds from Units sold and broker warrants at a rate of up to 5% of the number of Units sold. The Company paid finders' fees of $9,500 cash and issued 48,750 broker warrants. All securities issued in connection with the Offering are subject to a hold period of four months and one day from the date of closing.
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: 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.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.