This press release is issued pursuant to Multilateral Instrument 62-104 – Take Over Bids and Issuer Bids and National Instrument 62 -103 – The Early Warning System and Related Take Over Bid and Insider Reporting Issues.
Vancouver, British Columbia – October 16, 2015 – Marcy Kiesman’s wholly owned and controlled, Steveston Finance Inc. ("Steveston") (Steveston, the "Offeror") has acquired an aggregate of 500,000 units (the "Purchased Units") of Durango Resources Inc. (the "Issuer") pursuant to a private placement. Each unit consists of one common share in the capital of the Issuer and one share purchase warrant (the "Warrant"), each Warrant entitling the holder to purchase one common share in the capital of the Issuer at a price of $0.10 per common share until October 15, 2016. Steveston acquired 500,000 Purchased Units. The purchase price of the Purchased Units was $0.05 per Purchased Unit for an aggregate purchase price of $10,000. The 500,000 common shares acquired represent approximately 4.1% of the Issuer's issued and outstanding common shares.
The Purchased Units were acquired by the Offeror as part of a private placement by the Issuer of 2,000,000 units. The 500,000 common shares forming part of the Purchased Units plus an additional 1,119,560 common shares previously held by the Offeror, represent approximately 13.26% of the Issuer's issued and outstanding common shares of the Issuer.
If the Offeror were to exercise all of its warrants, it would then own 3,327,560 common shares of the Issuer, representing approximately 23.89% of the issued and outstanding shares of the Issuer, assuming all of the Offeror's warrants are exercised, but that no other convertible securities of the Issuer are exercised.
The Purchased Units were purchased and are presently being held for investment purposes. In the future, Mrs. Kiesman, or through one of her companies may acquire additional shares of the Issuer or dispose of such shares subject to a number of factors, including general market and economic conditions and other investment and business opportunities available to her.
A report respecting the Offeror's acquisition of the Purchased Units will be electronically filed with the Securities Commission in each jurisdiction where the Issuer is reporting and will be available for viewing through the Internet at the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release nor have they approved nor disapproved the content thereof
For more information communicate with:
Marcy Kiesman P.O. Box 31880 Richmond, B.C.
Telephone No. 604-339-2243
377653 v1