Duran Ventures Inc.

Duran Ventures Inc.

December 02, 2009 15:02 ET

Duran Completes Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2009) - Duran Ventures Inc. (TSX VENTURE:DRV) announces that it has completed the second and final tranche of a non-brokered, private placement financing (the "Offering") for gross proceeds of $495,000. As previously announced on November 13, 2009, the first tranche of the Offering raised gross proceeds of $255,000. Total gross proceeds from the Offering are $750,000. The Offering is subject to final regulatory approval.

In total, for both tranches, the Offering consisted of the issuance of 5,000,000 Units at a price of $0.15 per Unit, with each Unit consisting of one Duran common share and one warrant entitling the holder to purchase an additional common share of Duran at an exercise price of $0.20. On November 13, 2009 the Company issued 1,700,000 shares and warrants exercisable at $0.20 until November 12, 2010. These shares and warrants are restricted until March 14, 2010. On December 2, 2009 the Company issued 3,300,000 common shares and warrants exercisable at $0.20 until December 1, 2010. These shares and warrants are restricted until April 3, 2010. The expiry date of the warrants is the earlier of twelve months from the date of issue unless the closing price of the common shares has been $0.30 or higher for ten consecutive trading days after the respective March and April 2010 restriction dates for each series of warrants mentioned above, in which case the warrants will expire 30 days after a news release announcing an earlier expiry date. The Offering also includes a provision for a finder's fee payable at a rate of up to 10% of gross proceeds from Unit sales or in equivalent common shares at a rate of up to 10% of the number of Units sold. The Company will pay a total cash fee of $48,000 and issue 80,000 shares as a finder's fee in regards to the Offering. The securities issued in connection with the Offering are subject to a four month hold period from the date of issue. Net proceeds from the Offering will be used to fund the Company's exploration projects in Peru and for general working capital purposes.

Duran now has 90,561,612 common shares issued and outstanding as at December 2, 2009.

Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange: Symbol "DRV"

Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are disclosed in the Corporation's documents filed from time to time with the TSX Venture Exchange and, among others, the Ontario Securities Commission as well as under the heading "Risk Factors" in the Company's annual and interim Management Discussion and Analysis.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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