DGO:CC - Durango Closes Financing
(TheNewswire)
Vancouver, BC / TheNewswire / January31, 2023 – Durango Resources Inc. (TSXV:DGO) (Frankfurt-86A1)(OTC:ATOXF), (the “ Company ” or“ Durango ”) announces that further to the news of December30 th , 2022, the Company has conditionally closed the finaltranche of the private placement which was announced on December28 th , 2022.
On December 28, 2022, DurangoResources Inc. announced it had conditionally closed its first trancheof a non-brokered flow-through (“FT”) private placement of8,166,667 flow-through units at a price of nine cents per unit toraise gross proceeds of $735,000.
Each FT unit consists of one flow-through common shareand one-half of a share purchase warrant, with each whole warrantexercisable into one further common share at a price of 18 cents for aterm of two years expiring Dec. 27, 2024. The proceeds from the saleof the flow-through offering will be used for exploration activity onthe Company's 100-per-cent-owned properties located in the Abitibigreenstone belt near Chibougamau and Nemaska, Québec . Finders' fees of $44,100 incash and 490,000 finders' warrants exercisable at 18 cents until Dec.27, 2024, were paid in connection with the offering and are subject tothe approval of the TSX Venture Exchange. All shares issued inconnection with the offering are subject to a statutory holding periodof four months and one day after closing of the offering, being April29, 2023.
A second tranche of 1,770,000 non flow through(“NFT”) units at a price of $0.05 cents per unit has alsoconditionally closed, raising gross proceeds of $88,500 to be used forgeneral working capital. Each NFT unit consists of one common shareand one-half of a share purchase warrant with each whole warrantexercisable into one further common share at a price of $0.075 for aterm of two years expiring January 26, 2025. No finder’s fees werepaid in connection with the NFT financing tranche. All shares issuedin connection with the offering are subject to a statutory holdingperiod of four months and one day after closing of the offering, beingMay 29, 2023.
Completion of the offering is subject to the finalapproval of the TSX Venture Exchange.
The Discovery Property is in the highly prospectiveJames Bay Territory, 100km north of Chibougamau, Québec in theFrotet-Evans greenstone belt. In July of 2022, Durango completed an exploration drill campaign in an areawith known gold anomalies at surface. To date, partial results havecome in for holes 1, 2, and 4. Lithium-bearing pegmatite pods wereintersected in each of the drill holes which led to the corporatedecision to invite additional expertise to the technical committee asannounced on December 15 th , 2022. Durango is still waiting on theassay results for all pegmatite pod intersections and will announcethem as soon as they become available.
About Discovery
The Discovery Property is located on strike to thesouthwest of the past producing Troilus gold mine and neighboursTroilus Gold Corp. (TSX-TLG). The Discovery Property is over 6,500hain size and covers an important geological northeast to southwestregional structure. The Discovery Property has great road access andis accessible year-round via the Route du Nord.
About NMX East
The NMX East Property is located in northern Québec along the RouteNord and situated beside Nemaska Lithium’s Whabouchi Deposit whichis considered to be the world’s second richest and biggest depositwith 27Mt of proven and probable reserves.
About Durango
Durango is a natural resources company engaged in theacquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in astrategically located group of properties in the Troilus gold camp andin the Windfall Lake gold camp in the Abitibi region of Québec , Canada.
For further information on Durango, please refer to itsSEDAR profile at www.sedar.com .
Marcy Kiesman, CEO
Telephone: 604.428.2900 or 604.339.2243
Email: durangoresourcesinc@gmail.com
Website: www.durangoresourcesinc.com
Forward-Looking Statements
This news release contains “forward?lookinginformation or statements” within the meaning of applicablesecurities laws, which may include, without limitation, statementsthat address the upcoming work programs, and other statements relatingto the business, financial and technical prospects of the Company. Allstatements in this news release, other than statements of historicalfacts, that address events or developments that the Company expects tooccur, are forward-looking statements. Although the Company believesthe expectations expressed in such forward-looking statements arebased on reasonable assumptions, such statements are not guarantees offuture performance and actual results may differ materially from thosein the forward-looking statements.
Such statements and information are based on numerousassumptions regarding present and future business strategies and theenvironment in which the Company will operate in the future, includingthe price of minerals, the ability to achieve its goals, the COVID-19pandemic, that general business and economic conditions will notchange in a material adverse manner, that financing will be availableif and when needed and on reasonable terms. Such forward-lookinginformation reflects the Company’s views with respect to futureevents and is subject to risks, uncertainties and assumptions,including those filed under the Company’s profile on SEDARat www.sedar.com . Factors that couldcause actual results to differ materially from those in forwardlooking statements include, but are not limited to, continuedavailability of capital and financing and general economic, market orbusiness conditions. The Company does not undertake to updateforward?looking statements or forward?looking information, exceptas required by law.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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