Discovery Ventures Inc. Announces Increase in Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 3, 2016) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:ODV)(OTCQX:DTVMF) ("Discovery" or the "Company") announced that further to its news release dated May 27, 2016, it is increasing the size of its private placement financing. The Company previously disclosed that it would issue up to 25,000,000 units (each, a "Unit") at a price of $0.12 per Unit for gross proceeds of up to $3,000,000. The Company today announces that it has increased the number of Units to be issued, such that it will issue up to 33,333,333 Units for gross proceeds of up to $4,000,000. The terms of the Units remain as announced on May 27, 2016. Closing of the financing remains subject to the approval of the TSX Venture Exchange.
Proceeds of the financing are anticipated to be used towards advancing the WillaMax project and for general working capital.
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.
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 junior mining company focused on the mining, exploration and development of advanced projects located in the Kootenay region of British Columbia. The Company's primary focus is its high-grade Willa gold and copper project located 12 kilometers south of Silverton, BC. In 2015, Discovery completed the accretive acquisition of the Willa project and the Max Molybdenum Mine and Mill Complex. The Willa mine is located 135 kilometers south of the Max Mill.
On behalf of the Board of Directors,
Akash Patel, President and Director, Discovery Ventures Inc.
Phone: 604-818-1706
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 and the anticipated use of 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.
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.
