(TheNewswire)
Vancouver, BC / TheNewswire / May20, 2022 – Durango ResourcesInc. (TSXV:DGO)(Frankfurt:86A1) (OTC:ATOXF), (the“ Company ” or “ Durango ”) announces that the Company intendsto undertake a non-brokered flow-through private placement (the“ PrivatePlacement ”) of 6,058,823 units (the“ Units ”) at a price of $0.085 per Unit to raise gross proceeds of$515,000.
Each Unit will consist 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 $0.10 for aterm of two years.
The offering will be conducted under availableexemptions from the prospectus requirements of applicable securitieslegislation and participation in the offering will be available toexisting shareholder in qualifying jurisdictions in Canada inaccordance with the provisions of British Columbia Instrument 45-354and similar provisions in securities legislation of otherjurisdiction, and will be available to persons in qualifyingjurisdictions in Canada who have obtained advice as to the suitabilityof the investment from a person registered as an investment dealer inaccordance with the provisions of B.C. Instrument 45-536 and similarprovisions in securities legislation of other jurisdictions.
The proceeds from the sale of the flow-through offeringwill be used for exploration activity on the Company’s 100 per-centowned Discovery Property located in the Abitibi greenstone belt nearChibougamau, Québec. Durango is in discussions with drillingcompanies and drilling is expected to commence this summer.
Finders’ fees in connection with the offering may bepayable in accordance with the policies and subject to the approval ofthe TSX Venture Exchange. All shares issued in connection with theoffering will be subject to a statutory hold period of four months andone day after closing of the offering. Completion of the offering issubject to the approval of the TSXV. Any participation by insiders inthe offering will constitute a related party transaction underMultilateral Instrument 61-101, Protection of Minority SecurityHolders in Special Transaction, but is expected to be exempt from theformal valuation and minority shareholder approval requirements of MI61-101.
About Durango
Durango is a natural resources company engaged in theacquisition and exploration of mineral properties. The Company ispositioned for discovery with a 100% interest in a strategicallylocated group of properties in the Windfall Lake gold camp in theAbitibi 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 or business conditions. The Company doesnot undertake to update forward?looking statements orforward?looking information, except as 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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