Durango Closes Non-brokered Private Placement
Vancouver, BC / TheNewswire / March 13, 2020 – Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB -ATOXF), (the “Company” or “Durango”) announces that it has closed a non-brokered private placement (the “Financing”) of four million units at a price of $0.05 per unit (“Unit”) for gross proceeds of $200,000.00.
Each Unit is comprised of one share and one warrant exercisable at $0.08 for a period of two years expiring March 11, 2022. The final closing of the Financing is subject to certain conditions, including, but not limited to, the final approval of the TSX Venture Exchange. All securities issued pursuant to the Financing are subject to a mandatory four month hold period expiring on July 13, 2020.
Insiders of the Company participated in the Financing for an aggregate amount of $61,200, being 1,224,000 units. The net proceeds from the Financing will be used to prepare for explorations programs, working capital and general corporate purposes.
Marcy Kiesman, CEO of Durango stated, “In light of the recent market conditions, the board of directors elected to undergo a financing to generate additional flexibility for the Company in 2020. This financing will allow Durango to plan its exploration programs and to raise funds for these programs when the markets recover from current volatile conditions.”
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Québec, Canada.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the upcoming work programs, and other statements relating to the business, financial and technical prospects of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of minerals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
Neither 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.