Duran Ventures Inc (DRV:TSXV) - News Alert
Duran Announces Financing For Up to $1,000,000
Duran Ventures Inc. (TSX VENTURE:DRV) has filed a revised Price Reservation Form 4A and a revised Notice of Private Placement Form 4B with the TSX Venture Exchange for conditional approval of a private placement financing of up to $1,000,000. This represents an increase to the financing news released July 31, 2009 and is not in addition to that financing.
The proposed private placement is expected to raise up to $1,000,000 by the issue of up to 20,000,000 common shares at $0.05 per share. Each share unit purchased in this financing includes a warrant which entitles the holder to purchase an additional common share of Duran at an exercise price of $0.10. The warrants will expire twenty four months from the date of regulatory approval unless the closing price of the common shares has been $0.15 or higher for ten consecutive trading days in which case the warrants will expire 30 days after a news release announcing an earlier expiry date.
Duran has 64,582,012 common shares issued and outstanding prior to shares issued in this financing.
Subscriptions have been received for 13,314,800 units including 940,000 units (7%) subscribed by three directors and three senior officers.
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 on or by August 31, 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 Exchange: Symbol "DRV"
SOURCE: Duran Ventures Inc.
Duran Ventures Inc.
George A. Brown
Interim CEO
(416) 867-1101
(416) 867-1222 (FAX)
