Durango Completes $2.8M Financing with a Lead Order from Palisades Goldcorp
Vancouver, BC - TheNewswire - August 17, 2020 - Durango Resources Inc. (TSXV:DGO) (Frankfurt:86A1) (OTC:ATOXF), (the " Company " or " Durango ") is pleased to report that is has closed a non brokered private placement of 13,150,00 flow through units at a price of $0.1225 per unit and 16,250,000 non flow-through units at a price of $0.075 per unit to raise gross proceeds of $2,829,625.00.
The Company received a lead order from a syndicate of strategic investors led by Palisades Goldcorp Ltd. to purchase 10,000,000 flow-through units. The flow-through units were sold on a charitable flow-through basis.
Each flow-through unit consists of one common share and one half warrant. Each full warrant entitles the holder to purchase an additional common share at a price of $0.15 until August 13, 2023. A total of 13,150,000 flow-through units were issued for gross proceeds of $1,610,875.00. The gross proceeds from the issuance of the flow-through shares will be used in Quebec for "Canadian exploration expenses" within the meaning of the Income Tax Act (Canada). All flow-through securities issued pursuant to the flow through placement (including any shares issued on the exercise of the warrants) are subject to a hold period expiring on December 15, 2020.
- Published: 17 August 2020
- Written by Editor