(TheNewswire)
Vancouver, BC - TheNewswire - May 26,2022 – Durango Resources Inc. (TSXV:DGO) (Frankfurt-86A1) (OTC:ATOXF), (the“ Company ” or “ Durango ”) announces that further to the newsof May 20, 2022, the Company has closed a non-brokered flow-throughprivate placement (the “ Private Placement ”) of 6,064,705 units (the“ Units ”) at a price of $0.085 per Unit to raise gross proceeds of$515,500.
Each Unit consists of one flow-through common share andone 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 expiring May 23, 2024. A total of 3,032,353 commonshare warrants were issued in connection with the Private Placement atan exercise price of $0.10.
The offering was conducted under available exemptionsfrom the prospectus requirements of applicable securities legislationand participation in the offering will be available to existingshareholder in qualifying jurisdictions in Canada in accordance withthe provisions of British Columbia Instrument 45-354 and similarprovisions in securities legislation of other jurisdiction, and willbe available to persons in qualifying jurisdictions in Canada who haveobtained advice as to the suitability of the investment from a personregistered as an investment dealer in accordance with the provisionsof B.C. Instrument 45-536 and similar provisions in securitieslegislation 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. The Discovery Property islocated on strike to the southwest of the past-producing Troilus goldmine and neighbours Troilus Gold Corp. (TSX-TLG). The DiscoveryProperty is over 6,500ha in size and covers an important geologicalnortheast to southwest regional structure. The Discovery Property hasgreat road access and is accessible year-round via the Route duNord.
Finders’ fees of $36,085 cash will be paid inconnection with the offering in accordance with the policies of theTSX Venture Exchange. Brokers warrants totaling 424,529 were issued inconnection with the offering and are exercisable at a price of $0.10expiring May 23, 2024 and are subject to the final approval of the TSXVenture Exchange.
All shares issued in connection with the offering willbe subject to a statutory hold period of four months and one day afterclosing of the offering, being September 25, 2022. The PrivatePlacement is subject to final approval from the TSX VentureExchange.
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 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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