Duran Announces Proposed Share Consolidation
TORONTO, ONTARIO--(Marketwired - March 17, 2016) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") announces that it has mailed the notice of meeting and management information circular (collectively, the "Circular") for its annual and special meeting of shareholders to be held on April 8, 2016 (the "Meeting").
At the Meeting, the shareholders of the Company will be asked to approve, among other things, a share consolidation of the Company's issued and outstanding common shares at a ratio of up to seven (7) pre-consolidation shares to one (1) post-consolidation share (the "Consolidation"). It is not proposed that the Company would change its name in connection with the Consolidation.
The Board of Directors of the Company believes that it is in the best interests of the Company to reduce the number of outstanding Common Shares by way of the Consolidation and thus is recommending that shareholders approve the Consolidation. The Consolidation could increase the Company's flexibility with respect to potential business transactions, including any possible future equity financings.
If the Consolidation is approved, the Board of Directors will have the authority to implement the Consolidation at the ratio of up to 7 to 1 at any time and will be permitted, without further shareholder approval, to select a lower ratio if they deem it to be appropriate. Notwithstanding approval of the Consolidation by the shareholders, Duran's directors, in their sole discretion, may abandon the Consolidation without further approval, action by, or prior notice to shareholders.
Duran currently has 234,649,870 common shares issued and outstanding. Following the completion of the proposed Consolidation, the number of common shares of the Company issued and outstanding will depend on the ratio selected by the Board of Directors. The following table sets out the appropriate number of common shares that would be outstanding as a result of the Consolidation at the ratios suggested below.
| Proposed Consolidation Ratio(1) | Approximate Number of Outstanding Common Shares (Post Consolidation)(2) | |
| 1 for 7 | 33,521,140 | |
| 1 for 6 | 39,108,312 | |
| 1 for 5 | 46,929,974 | |
| 1 for 4 | 58,662,468 | |
| 1 for 3 | 78,216,623 | |
| 1 for 2 | 117,324,935 | |
| Notes: | ||
| (1) The ratios above are for information purposes only and are not indicative of the actual ratio that may be adopted by the Board of Directors to effect the Consolidation. | ||
| (2) Based on the number of outstanding common shares as at the date hereof. | ||
The Circular, which provides further details of the matters referred to herein, has been mailed to shareholders of the Company in accordance with applicable securities laws. A copy of the Circular is available on SEDAR under the Company's profile at www.sedar.com.
The Consolidation is subject to the approval of the shareholders of Duran and the TSX Venture Exchange.
About Duran
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"
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.
Contact
Duran Ventures Inc.
Jeffrey Reeder
(647) 302-3290
Duran Ventures Inc.
Oscar Pezo
(011) 511 422-1467
info@duranventuresinc.com
www.duranventuresinc.com