Discovery Ventures Inc. Announces Oversubscribed Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 11, 2015) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:ODV)(OTCQX:DTVMF) ("Discovery") is pleased to announce that its previously announced private placement financing is oversubscribed as Discovery has entered into subscription agreements for 7,920,000 units at a price of $0.15 per unit for gross proceeds of up to $1,188,000. Each unit consists of one common share of Discovery and one share purchase warrant, which entitles the holder thereof to purchase one additional share at a price of $0.20 per share for a period of five years from the closing of the financing.
All securities issued in the financing will be subject to a statutory hold period expiring four months and one day after closing of the financing. Completion of the financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange.
Proceeds of the financing are anticipated to be used towards the purchase of equipment for the WillaMax project and general working capital.
None of the securities issued in the financing will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About Discovery
Discovery Ventures Inc. is a gold, copper and silver mining company focused on the exploration and development of its WillaMAX project that is located in the Kootenay region of British Columbia. The company holds a 100% interest in four mineral properties in B.C., and is currently active in the development of its Willa Property. Discovery's newly acquired Max Mine and Milling facility is located 132km north of the Willa Project site.
On behalf of the Board of Directors,
Dan Omeniuk, Chief Executive Officer and Director, Discovery Ventures Inc. Phone: 204-697-7740
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery, such as statements that Discovery intends to undertake a private placement financing, the anticipated use of proceeds and the achievement of milestones with the proceeds of the financing. There are numerous risks and uncertainties that could cause actual results and Discovery's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the mineral exploration industry in general; (iii) the inability of Discovery to complete the private placement; or (iv) the TSXV not approving the private placement. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery does not intend to update these forward-looking statements.