Vancouver, British Columbia--(Newsfile Corp. - February 21, 2018) - Darien Resource Development Corp. (TSXV: DRR) ("Darien" or the "Company") announces the closing of the first tranche of the $4.5-million non-brokered private placement financing (the "Financing") announced on January 29, 2018. The Company has issued 9,553,000 shares (the "Shares") at a price of $0.25 per Share for gross proceeds of $2,388,250. A finder's fee of $167,178 and 286,590 non-transferable share purchase warrants (each warrant exercisable into one Share at a price of $0.25 for a period of two years) was paid in connection with the Financing in accordance with the policies of the TSX Venture Exchange.
The Shares issued in connection with the first tranche of the Financing are subject to a four-month restricted resale period expiring on June 22, 2018. Proceeds from the Financing will be used to take advantage of compelling exploration opportunities that the Company believes exist in the marketplace and for general corporate purposes.
The Company expects to close the balance of the Financing prior to the end of February 2018.
This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Management Appointments
Mr. Blaine Bailey has been appointed as Chief Financial Officer of the Company. Blaine is a CPA‑CGA who has worked with numerous private and public companies over the past 20 years. Blaine brings complementary skills to the team in the areas of finance, administration and financial reporting.
Konstantin Lichtenwald has resigned from his position as Chief Financial Officer. Darien wishes to thank Mr. Lichtenwald for his contributions over the last year.
Ms. Marla Ritchie has been appointed as Corporate Secretary of the Company. Marla brings over 25 years' experience in public markets working as Corporate Secretary and Administrator, specializing in resource-based exploration companies.