Durango arranges $450,000 private placement
2019-11-30 03:20 ET - News Release
Ms. Marcy Kiesman reports
Further to the news release of Oct. 7, 2019, Durango Resources Inc. is in the process of obtaining drill quotes for its limestone unit No. 5 at Mayner's Fortune in Northern British Columbia.
The purpose of the program is to test limestone unit #5 for depth and limestone quality while continuing further mapping and exploration on the property to obtain more clarity on the potential size and scale of the limestone units and exploring proximal copper occurrences. To finance the program, Durango is undergoing a non-brokered private placement financing (the " Financing ") for gross proceeds of up to $450,000.00.
The Financing includes:
(1) a flow-through component (the " Flow-Through Component "), which is comprised of up to 1,875,000 flow-through units (the " Flow-Through Units ") at a price of $0.08 per Flow-Through Unit for gross proceeds of up to $150,000.00. Each Flow Through Unit is comprised of one flow-through common share (each, a " Flow Through Share ") and one non-flow through share purchase warrant. Each such warrant is excercisable for one non-flow through common share (each, a " Share ") at an exercise price of $0.125 for a term of 24 months after the closing; and
(2) a non-flow through component (the " Non-Flow Through Component "), which is comprised of up to 5,000,000 non-flow through units (the " Non-Flow Through Units ") at a price of $0.06 per Non-Flow Through Unit for gross proceeds of up to $300,000.00. Each Non-Flow Through Unit is comprised one Share and 1/2 of a non-flow through warrant. Each whole warrant will be exercisable for one Share at an exercise price of $0.125 for a term of 36 months after the closing............
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