Daura Capital Corp. Announces Update to Proposed Qualifying Transaction
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2020) - Daura Capital Corp. (TSXV: DUR.P) (the "Company" or "Daura"), a capital pool company listed on the TSX Venture Exchange (the "TSXV") is pleased to provide an update on the status of its proposed qualifying transaction (the "Qualifying Transaction") with Estrella Gold S.A.C. ("Estrella").
The Company's activities in Peru related to the proposed acquisition of Estrella continues to experience delays due to the Peruvian government's mandated lockdown and quarantine protocols. The Company is continuing to work with Estrella on the preparation of all documentation necessary to complete the requirements of the TSXV and to complete the proposed Qualifying Transaction. This includes the preparation of a definitive agreement and the preparation of a geological report in accordance with the requirements of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"). As of the date of this news release, the Company's efforts to complete a geological report in accordance with the requirements of NI 43-101 are ongoing. Although the quarantine measures mandated by the government of Peru continue to pose challenges, the Company believes that it will have the geological report completed in the coming weeks.
COVID-19 Quarantine Measures in Peru
On March 15, 2020, President Martin Vizcarra declared a mandatory 15-day quarantine in Peru, which included a ban on all travel between provinces and all international travel. On March 18, 2020, the Peruvian government enhanced the quarantine measures by mandating that people are to stays indoors at all times without free circulation, which meant that normal business cannot be undertaken except by remote from places of residence. On May 22, 2020, the Peruvian government announced that the quarantine measures would be extended through June 30, 2020.
Closing of the proposed Qualifying Transaction remains subject to the approval of the TSXV.
For further information please contact:
Daura Capital Corp.
543 Granville, Suite 501
Vancouver BC V6C 1X8
William T.P. Tsang CFO and Secretary
Mark D. Sumner CEO and Director
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.
Completion of the proposed Qualifying Transaction is subject to a number of conditions, including but not limited to TSXV acceptance and, if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the proposed Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the proposed Qualifying Transaction will be completed as proposed or at all.
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 Daura's ability to complete the proposed Qualifying Transaction; 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.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
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.
A halt in trading shall remain in place until after the proposed Qualifying Transaction is completed or such time that acceptable documentation is filed with the TSXV.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56856