Precious Metal Exploration
Focused on exploration and advancement of mineral projects in Peru
Message: Announces Private Placement for Up to $500,000
| April 13, 2009 |
| Duran Announces Private Placement for Up to $500,000 |
| TORONTO, ONTARIO--(Marketwire - April 13, 2009) - Duran Ventures Inc. (TSX VENTURE:DRV) has filed a Price Reservation Form 4A with the TSX Venture Exchange for a private placement financing of up to $500,000 subject to regulatory approvals. The proposed private placement is expected to raise up to $500,000 by issue of up to 5,000,000 common shares at $0.10 per share. Each share unit purchased in this financing will come with a one-half Warrant A and a one-half Warrant B; two half warrants. Each full Warrant A will entitle the holder to purchase an additional common share of Duran at an exercise price of $0.15 until the expiry date which will be the earlier of twenty four months from the date of regulatory approval or thirty days from the date of a news release announcing an earlier expiry date after the closing price of the common shares has been $0.25 or higher for ten consecutive trading days. Each full Warrant B will entitle the holder to purchase an additional common share of Duran at an exercise price of $0.25 until the expiry date which will be the earlier of twenty four months from the date of regulatory approval or sixty days from the date of a news release announcing an earlier expiry date after the closing price of the common shares has been $0.40 or higher for ten consecutive trading days. Duran currently has 58,911,512 common shares issued and outstanding. Duran currently has 500,000 warrants outstanding exercisable at $1.50 with an expiry date of October 18, 2009. Six directors and three senior officers have subscribed for 707,500 units or $70,750 representing 19% of current subscriptions or over 14% of the expected maximum financing. Subscriptions have been received for seventy-five percent of the expected maximum financing. Interested parties may inquire by email at duranventures@ca.inter.net or by phone at 416-867-1101. Finder's fees in cash or shares as allowed by the regulatory authorities may be paid pertaining to this financing. Closing is expected by April 15, 2009. Proceeds will be used for working capital purposes and to fund Duran's work program requirements. Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchanges: Symbol "DRV". |
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