TORONTO, ONTARIO--(Marketwired - April 8, 2016) - Duran Ventures Inc. (TSX VENTURE:DRV) (LMA:DRV) ("Duran" or the "Company") is pleased to provide the following update resulting from the Annual and Special Meeting of Shareholders held on April 8, 2016.
The six nominees as proposed by the Company were elected to the board. The directors are Mr. Joseph Del Campo, Mr. John P. Thompson, Mr. William R. (Rick) Brown, Mr. Steven S. Brunelle, Mr. Oscar F. Pezo Camacho and Mr. Jeffrey J. Reeder.
McGovern, Hurley, Cunningham, LLP Chartered Accountants, were re-appointed as auditors for the Company for the ensuing year.
The shareholders re-approved the Company's 10% Rolling Stock Option Plan in accordance with the policies of the TSX Venture Exchange ("TSXVE").
The shareholders approved a special resolution authorizing the Board of Directors to consolidate the common shares of the Company (the "Common Shares") on the basis of one (1) new Common Share for up to seven (7) old Common Shares (the "Consolidation"). Management believes that the current number of outstanding Common Shares is inconsistent with the size, assets and structure of the Company and proposed the Consolidation of the shares of the Company in order to increase its flexibility with respect to potential business transactions, including any possible future equity financings.
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 Ventures Inc. is a Canadian exploration company focused on mineral processing and the exploration and development of precious and base metal properties in Peru. For an update on the Company's mineral processing activities please visit the website at www.duranventuresinc.com.
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.