Duran Ventures Inc. (TSXV: DRV; BVL: DRV) (“Duran” or the “Company”), further to its press releases of March 17, 2016 and April 8, 2016, announces that the TSX Venture Exchange (TSXVE”) has approved a share consolidation of the Company’s issued and outstanding common shares (the “Consolidation”). The Board of Directors of the Company has determined, in accordance with the special resolution approved by the shareholders on April 8, 2016, to consolidate the outstanding common shares at a ratio of seven (7) pre-consolidation shares to one (1) post-consolidation share (the “Conversion Ratio”). The Consolidation is expected to increase the Company’s flexibility with respect to potential business transactions, including any possible future equity financings.
The Consolidation is expected to be effective at the open of market on Monday, May 9, 2016 (the “Effective Date”). The Company will not change its name as part of the Consolidation, but will issue new share certificates under a new CUSIP number. No fractional shares will be issued in connection with the Consolidation. The Company’s common shares will continue to trade on the TSXVE on a consolidated basis under its current symbol “DRV”.
Duran currently has 234,649,870 common shares issued and outstanding. As of the Effective Date and after giving effect to the Consolidation, the Company will have 33,521,410 common shares issued and outstanding. Registered shareholders will receive a letter of transmittal from TMX Equity Transfer Services Inc., the Company’s transfer agent, with information on how to exchange their pre-Consolidation share certificates for post-Consolidation share certificates. Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the Conversion Ratio through each shareholder’s brokerage accounts. Non-registered shareholders should consult their broker for further information.
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.
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
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 including, but not limited to, the Consolidation ratio, the implementation of the Consolidation and the anticipated benefits thereof. 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.