Business
Duran Ventures Announces Private Placement of up to $990,000
TORONTO, ONTARIO--(Marketwired - July 15, 2016) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") announces that it is conducting a no
About this update from Peruvian Metals Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - July 15, 2016) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) (\"Duran\" or the \"Company\") announces that it is conducting a non-brokered private placement of up to 11,000,000 units (each, a \"Unit\") at $0.09 per Unit for total gross proceeds of up to $990,000 (the \"Offering\"), subject to approval of the TSX Venture Exchange (the \"TSXV\"). Each Unit will consist of one common share of the Company (\"Common Share\") and one common share purchase warrant (\"Warrant\"). Each Warrant will entitle the holder to purchase one additional Common Share at an exercise price of $0.15 for a period of two years from the closing of the Offering. The Company anticipates entering into a finder's agreement with one or more finders to assist the Company with the Offering. The Company anticipates paying such finders a cash fee equal to 6% of the gross proceeds raised in the Offering from purchasers directly introduced to the Company by the finders (\"Purchasers\"). Additionally, the Company anticipates issuing the finders share purchase warrants (the \"Finders Warrants\") equal to 6% of the number of Units sold to purchasers directly introduced to the Company by such finders. Each Finders Warrant will be exercisable to purchase one Common Share at a price of $0.09 for a period of two years from the closing of the Offering. 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 Offering and to the finders will be subject to a restricted period of four months and one day as required under applicable securities laws. Insiders of the Company are expected to participate in the Offering (the \"Insider Participation\") which will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 (\"MI 61-101\"). The Offering is exempt from the need to obtain minority shareholder approval and a formal valuation as required by MI 61-101 as the Company is listed on the TSXV and the fair market value of any units to insiders or the consideration paid by insiders of the Company will not exceed 25% of the Company's market capitalization. No new insiders are anticipated to be created, nor will there be any change of co...