Vancouver, British Columbia--(Newsfile Corp. - November 14, 2022) - Daura Capital Corp. (TSXV: DUR.P) (the "Company" or "Daura"), a capital pool company under the policies of the TSX Venture Exchange (the "TSXV"), announces that, due to unfavorable market conditions, it will not be proceeding with its proposed qualifying transaction to acquire Estrella Gold S.A.C. ("Estrella") and Estrella's Cochabamba Project located in the Ancash Region of Peru (the "Cochabamba Project") under the originally proposed conditions at this time. Daura and the Estrella shareholders have mutually agreed to terminate the provisions of the definitive agreement dated March 30, 2021 relating to the proposed acquisition of Estrella. Daura is in discussions with Estrella with respect to the repayment of a total of C$75,000 and US$115,000 loaned by Daura to Estrella. The amounts loaned to Estrella are secured by the assets of Estrella and bear interest at rate of 10% per annum.
Daura will continue to evaluate alternative structures for acquiring Estrella and/or the Cochabamba Project, and will also evaluate alternative acquisition opportunities to with a view towards completing its qualifying transaction. Daura is in the process of seeking approval from the TSXV for the resumption of trading in Daura's common shares.
For further information please contact:
Daura Capital Corp.
543 Granville, Suite 501
Vancouver BC V6C 1X8
William T.P. Tsang CFO and Secretary
(604) 669-0660
btsang@seabordservices.com
Mark D. Sumner CEO and Director
mark@kiwandagroup.com
NEITHER 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.
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Daura cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Daura's control. Such factors include, among other things: risks and uncertainties relating to Estrella's ability to repay the amounts loaned by Daura and Daura's ability to realize on the collateral granted by Estrella; and other risks and uncertainties. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Daura undertakes no obligation to publicly update or revise forward-looking information.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144210
