Durango Closes First Tranche of a Non-Brokered Financing
DGO:TSXV | 86A1:Frankfurt | ATOXF:OTCQB
DURANGO CLOSES FIRST TRANCHE OF A NON-BROKERED FINANCING
Vancouver, BC / TheNewswire / March 29 , 2019 – Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTC QB -
ATOXF), (the “ Company” or “ Durango”) announces that it has closed the first tranche of a non -brokered private
placement (the “Financing”) for gross proceeds of $210,324.93.
The Financing is comprised of a flow through component (the “Flow Through Component ”) and a non-flow through
component (the “Non-Flow Through Component ”). The Flow Through Component consists of up to 10,000,000 flow
through units at $0.09 (“Flow Th rough Uni ts”), with each Flow Through Unit being comprised of one common share
(each, a “Share”) and one share p urchase warrant ( each, a “Flow Through Warrant ”). Each Flow Through Warrant is
exercisable for one Share at an exercise price of $0.15 for three (3) years. The Non-Flow Through Component consists of
up to 1,333,333 non-flow through units at $0.075 (“Non-Flow Through Units”), with each Non-Flow Through Unit being
comprised of one Sh are and one share purchase warrant ( each, a “Non-Flow Through Warrant ”). Each Non-Flow
Through Warrant is exercisable for one Share at an exercise price of $0.125 for three (3) years.
The Company has issued : (a) 2,002,222 Flow-Through U nits in the first tranche for proceeds of $180,199.98; and (b)
401,666 Non-Flow Through U nits for proceeds of $30,124.95 . All the securitie s issued in the Financing are subject to a
four-month hold period. The Financing is subject to the final approval of the TSX Venture Exchange.
Marcy Kiesman, CEO of Dur ango stated, “ We are extremely pleased with our IP resu lts to date on the Trove Property
and look forward to continuing to work on the de lineating drill targets we plan to drill this spring and /or summer. The
Windfall Lake gold deposit (held by Osisk o Mining) is one of the highest -grade resource-stage gold projects in Canada ,
and o ur crew is anxious to begin exploration drilling at Trove which is situated on trend with Osisko ’s gold
mineralization.”
All proceeds raised in the Flow Through Component will be used for flow-through eligible exploration expenses on
Durango’s Trove Property located in Win dfall Lake, Quebec. In connection with this tranche of the offering, the
Company paid aggregate finders’ fees to qualified finders of $10,240, representing eight percent of the gross proceeds in
respect of certain subscri ptions. Th e Company also is sued 145,911, non -transferrable finder s’ warrants to qualified
finders’, with each finders’ warrant being exercisable to acquire one common share at a n exercise price of fifteen cents
until March 28, 2020.
The proceeds raised in the Non -Flow Through Component will be used fo r general working c apital and to pay finder’s
fees associated with the Flow-Through Component. No finders’ fees will be payable in connection with the Non-Flow
Through Component.
Durango expects additional tranches of the Financing to close in the near future.
Application for Extension of Warrants
Further, Durango plans to apply to the TSX Venture Exchange for approval to extend the respective expiry dates of
5,005,152 common share purchase warrants (the “2017 Warr ants”) issued to subscribers pursuant to the private
placement of units which close d in three tranches on June 7 , 9, 20, 2017. The 2017 Warrants currently have
respective expiry dates of June 7, 9, 20, 2019. Durango intends to extend the respective expiry dates of the warrants
by two (2) years to June 7, 9, and 20, 2021.
The $0.10 exercise price and all other terms of the 2017 Warrants will remain unchanged for the ex tended exercise
period. The extension is subject to approval of the TSX Venture Exchange pursuant to Section 3 of TSXV Policy 4.1.
#248 - 515 West Pender Street
Vancouver, BC, V6B 6H5, Canada
tel: 604.428.2900
www.durangoresourcesinc.com
DGO:TSXV | 86A1:Frankfurt | ATOXF:OTCQB
The technical contents of this release were approved by Joanne Freeze, P.Geo., an independent Qualified P erson as
defined by National Instrument 43 -101. The property has not yet been the subject of a National Instru ment 43-101
report.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of minera l propertie s. 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.
Marcy Kiesman, CEO
Telephone: 604.428.2900 or 604.339.2243
Email: [email protected]
Website: www.durangoresourcesinc.com
Forward-Looking Statements
This document may contain or refer to forward -looking information based on current expectations and the impa ct
on the Company of these events. Forward -looking information is subje ct to sign ificant risks and uncertainties,
including market conditions, as actual results may differ materially from forec asted r esults. Forward -looking
information is provided as of th e date hereof and we assume no responsibility to update or revise them to reflect
new events or circumstances. For a detailed list of risks and uncertainties relating to Durango, please refer t o its
prospectus filed on its SEDAR profile at www.sedar.com.
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.