- Arranged a financing of up to five million units (“Units”) at a price of $0.20 per Unit for gross proceeds of up to $1,000,000
- Proceeds from the Financing will be used for exploration and general working capital
Vancouver, BC / April 12, 2016 – Durango Resources Inc. (TSX.V-DGO), (the “Company” or “Durango”) is pleased to announce that it has arranged a financing of up to five million units (“Units”) at a price of $0.20 per Unit for gross proceeds of up to $1,000,000 (the “Financing”).
Each Unit will consist of one common share (“Share”) and one share purchase warrant (“Warrant”). Each Warrant will be exercisable for one common share at an exercise price of $0.30 for a period of twenty months from the date of issuance. All Warrants will be exercisable into non-flow through common shares.
Proceeds from the Financing will be used for exploration and general working capital.
The Financing may close in tranches and is subject to certain conditions, including, but not limited to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued pursuant to the financing will be subject to a four month hold period commencing on the date of issuance.
Marcy Kiesman, CEO of Durango, comments: “We are pleased to be gaining traction on our properties which are positioning Durango for discovery in this challenging market. Management will be working diligently to allocate funds from the Financing in the most cost-effective manner to maximize value for our shareholders.”
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Mayner’s Fortune and Smith Island limestone properties in northwest British Columbia, the Decouverte and Trove gold properties in the Abitibi Region of Quebec, and the NMX East lithium property near the Whabouchi mine, the Buckshot graphite property near the Miller Mine in Quebec, the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario, as well as three sets of claims in the Labrador nickel corridor.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900 or 604.339.2243
Facsimile: 888.266.3983
Email: [email protected]
Website: www.durangoresourcesinc.com
Forward-Looking Statements
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to completion of the Financing, obtaining the approval of the TSX Venture Exchange, the timing of completion of the Financing, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties relating to Durango, please refer to the Company’s prospectus filed on its SEDAR profile at www.sedar.com.
Neither 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.
