Durango Announces Closing of Private Placement
DURANGO RESOURCES INC. Suite 248 – 515 W. Pender Street Vancouver, BC V6B 6H5 TSX Venture Exchange Trading Symbol: DGO
DURANGO ANNOUNCES CLOSING OF PRIVATE PLACEMENT
June 10, 2014 - Durango Resources Inc. (the "Company" or “Durango”) has closed its non-brokered private placement as announced on May 9, 2014. Pursuant to the offering, the Company has raised $238,320 to be used for exploration on the Decouverte Property in Quebec and general working capital by way of issuing 3,404,571 units at seven cents per unit with a hold period expiring on October 11, 2014. Each unit consists of one common share and one share purchase warrant, with each warrant exercisable for a period of two years at a price of ten cents per warrant expiring June 10, 2016. Insider participation included Syndicated Capital Corp. (A. Salman Jamal), 576,000, Marcy Kiesman, 79,500, Steveston Finance Inc. (Marcy Kiesman) 428,500, and Veronica Liu, 101,000. Additionally, one pro group placee purchased 50,000 units.
About Decouverte
The Decouverte (Discovery) property of 5,100 ha, is located 100km north of Chibougamau in the Frotet – Evans greenstone belt. Durango carried out a 439 line kilometer helicopter borne Fugro airborne magnetic / electromagnetic geophysical survey on the property in 2011 (NR Nov 24, 2011). The property benefits from very favorable infrastructure including road accessibility (within 10km of Route du Nord and a myriad of logging roads) and a power line which bisects the property. An initial phase one 2014 work program will commence shortly on the property.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Decouverte and Trove gold properties in the Abitibi of Quebec, the McGillivray property in British Columbia, the Albany Spurs graphite property in northeastern Ontario and the Buckshot graphite property near the Miller Graphite mine in Quebec.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer Telephone: 604.428.2900 Facsimile: 888.266.3983 Email: [email protected] Website: www.durangoresourcesinc.com
Forward-Looking Statements
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, obtaining financing, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise it to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to Durango, please refer to the Company's Prospectus filed with SEDAR.
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.