TORONTO, ONTARIO - (April 15, 2008) - George A. Brown, CEO of both Duran Ventures Inc. (TSX VENTURE:DRV) ("Duran") and MacMillan Gold Corp. (TSX VENTURE:MMG) ("MacMillan"), is pleased to provide the following information regarding a private placement completed between the two companies.
Duran has filed for regulatory approval of a financing consisting of 1,000,000 units priced at $1.00. Each unit consists of one common share plus one half warrant. Each full warrant (two half warrants) entitle the warrant holder to purchase an additional share of Duran for $1.50 for a period of eighteen months from the date of closing, unless Duran announces through a news release an earlier expiry date of thirty days from the news release date. The Company is allowed to exercise this warrant call feature if the shares have traded for $2.00 or more for twenty consecutive days.
As a result of this private placement, the number of shares of the Company will increase by 1,000,000 for a total of 27,806,793 issued and outstanding shares. The Company will have 500,000 additional warrants exercisable at $1.50 for eighteen months. These are in addition to the existing 1,753,500 warrants exercisable at $1.50 until January 20, 2009 and the 123,515 broker warrants exercisable at $1.00 until February 15, 2009.
The private placement required approval by MacMillan as it creates additional dilution to the Business Combination news released April 3, 2008. The revised fully diluted Duran is now 33,369,487 and the fully diluted MacMillan is 69,066,752. Therefore the revised fully diluted of the New Duran proposed in the Business Combination is now 67,902,863 with 49.1% issuable to Duran shareholders and 50.9% issuable to MacMillan shareholders.
The private placement was 100% subscribed to by MacMillan. MacMillan currently owns 1,300,000 shares of Duran representing 4.8% of the issued and outstanding. This will increase MacMillan's holdings to 2,300,000 shares representing 8.3% of the issued and outstanding. If MacMillan exercised the 500,000 warrants at $1.50 it would increase its holdings to 2,800,000 shares representing 9.9% of the issued and outstanding shares of Duran. MacMillan is investing in Duran due to the potential of the Peru projects and to provide Duran with funding of ongoing exploration which would have been funded 50% by MacMillan under the joint venture had the proposed Business Combination not have been agreed to by the parties.
Investors are invited to visit the MacMillan Gold IR Hub at www.agoracom.com/IR/MacMillan where they can post questions and receive answers or review existing questions and answers. Investors may also email questions or request to be added to the investor email list at MMG@agoracom.com
Duran Ventures Inc. and MacMillan Gold Corp .are Canadian resource companies listed on the TSX Venture Exchanges: Symbols "DRV" & "MMG".
The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.
CONTACT INFORMATION:
Duran Ventures Inc. and MacMillan Gold Corp.
George A. Brown
CEO
(416) 867-1101
Fax: (416) 867-1222
Email: duranventures@ca.inter.net
Email: macmillangold@ca.inter.net
