Duran Ventures Announces Completion of Shares for Debt Transaction and Early Warning of Acquisition of Shares
Toronto, Ontario--(Newsfile Corp. - May 30, 2017) - Duran Ventures Inc. (TSXV: DRV) (BVL: DRV) ("Duran" or the "Company") announces that it has received TSX Venture Exchange approval to settle an aggregate of $96,063 of indebtedness (the "Debt") owed to certain arm's length and non-arm's length creditors through the issuance of an aggregate of 1,067,368 common shares at a deemed issuance price of $0.09 per common share (the "Transaction"), of which 631,888 common shares will be issued to a non-arm's length creditor.All common shares issued to settle the Debt will be subject to a hold period expiring on October 1, 2017. Completion of the Transaction will allow the Company to improve its current working capital deficiency position.
Prior to the Transaction, Mr. Jeffrey Reeder, President & CEO of Duran, was the beneficial holder of 2,673,097 common shares of Duran(representing 5.81% of the then issued and outstanding common shares) and 1,661,000 common share purchase warrants and 85,714 stock options of the Company (representing 9.26% of the then issued and outstanding common shares on a fully-diluted basis). Under the terms of the Transaction Mr. Reeder, through Single Jack Research & Exploration Ltd.of 113-101 Granada Blvd., Sherwood Park, Alberta T8A 4W2, acquired beneficial ownership and control of an additional 631,888 common shares (or an additional 1.21%) and now has ownership, direction and control over an aggregate of 3,304,985 common shares, representing 7.02% of the issued and outstanding common shares of the Company (or 5,051,699 common shares and 10.35% (or an additional 1.09%) of the Company's then outstanding common shares, assuming exercise of Mr. Reeder's common share purchase warrants and stock options on a partially diluted basis). Mr. Reeder settled an aggregate of $56,870 of Debt in acquiring beneficial ownership and control of the common shares. The common shares were issued from treasury of the Company and not acquired on the secondary market.
The common shares were acquired by Mr. Reeder for investment purposes. In the future, Mr. Reeder may acquire additional securities of the Company or dispose of such securities through the market or otherwise subject to a number of factors, including general market and economic conditions, other investment and business opportunities available and other circumstances.
This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated May 30, 2017. The early warning report will be filed on the System for Electronic Document Analysis and Review ("SEDAR") under the Company's profile at www.sedar.com and may be obtained by contacting Dan Hamilton at (416) 867-1591.
About Duran
Duran Ventures Inc. is a Canadian exploration company focused on mineral processing and the exploration and development of precious and base metal properties in Peru with its head office at 40 University Avenue, Suite 603, Toronto, Ontario M5J 1T1
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange and the Bolsa de Valores de Lima:Symbol "DRV"
For additional information, contact:Jeffrey Reeder Tel: (647) 302-3290 or Oscar Pezo at (011) 511 422-1467
Website: www.duranventuresinc.comEmail: info@duranventuresinc.com
Neither the 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.
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.