Business
Duran Ventures Announces First Closing of Private Placement Financing
TORONTO, ONTARIO--(Marketwired - July 25, 2016) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") is pleased to announce that it has c
About this update from Peruvian Metals Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - July 25, 2016) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) (\"Duran\" or the \"Company\") is pleased to announce that it has completed the first tranche of its previously announced $990,000 non-brokered private placement financing (the \"Offering\"). The first tranche consisted of 6,718,421 units (\"Units\") at $0.09 per Unit for gross proceeds of $604,658. Each Unit consists of one common share of the Company (\"Common Share\") and one common share purchase warrant (\"Warrant\"). Each Warrant entitles the holder thereof to purchase one additional Common Share at an exercise price of $0.15 for a period of two years from the closing of the first tranche. In conjunction with the first tranche, the Company paid finders fees in the aggregate amount of $11,610 cash and issued 12,000 finders share purchase warrants (the \"Finders Warrants\"). Each Finders Warrant is exercisable to acquire one common share at an exercise price of $0.09 for a period of two years from the date of closing of the first tranche. As previously announced, the net proceeds from the Offering will be used for the Aguila Norte plant commissioning and expansion, Aguila Norte, Chucara and Huachacolpa property development and general and administrative purposes. All securities issued in the first tranche will be subject to a restricted period of four months and one day as required under applicable securities laws, expiring on November 26, 2016. Insiders of the Company acquired a total of 2,266,667 Units in the first tranche (the \"Insider Participation\"), which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 in respect of such Insider Participation. No new insiders were created, nor has there be any change of control as a result of the first tranche. The Company is also pleased to announce that the Offering has been increased to 13,000,000 Units at $0.09 per Unit for gross proceeds of up to $1,170,000, subject to final TSX Venture Exchange approval. The Company expects to hold one or more additional closings...