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Durango Resources to raise C$1M for exploration, general working capital

Durango ResourcesInc. said April 12 that it has arranged a financing of up to 5 millionunits at 20 Canadian cents apiece to raise up to C$1.0 million for exploration andgeneral working capital.

Each unit will consist of 1 common share and 1 share purchasewarrant, which is exercisable for 1 common Durango share at 30 cents for a 20-monthperiod from the date of issuance. All the warrants issued under the financing willbe exercisable into non-flow-through common shares.

Durango said the financing may close in tranches and remainssubject to certain conditions, including regulatory approvals.

The company recentlyacquired the Dianna Lake silver project in Saskatchewan from an arms'-lengthvendor.