VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2012) - Discovery Ventures Inc. ("Discovery" or the "Company") (TSX VENTURE:DVN) The Company is pleased to announce that it has closed the 2nd and final tranche of its previously announced private placement. The second tranche consisted of 2,460,000 units raising a further $615,000 for the Company. The hold period expiry date in respect of the shares comprising the units and the shares issued upon exercise of the shares purchase warrants related to the 2nd tranche is April 8, 2013. In connection with the closing of the 2nd tranche, finders received an aggregate of $47,000 and 188,000 compensation warrants.
It total, the Company raised an aggregate gross amount of $2,392,000 through the sale and distribution of 9,568,000 units at a price of $0.25 per unit, each unit comprising of one common share and one share purchase warrant with a 5 year term at the exercise price of $0.35 per common share in the first year, $0.40 per common share in the second year and $0.45 per common share from the third to fifth year.
About Discovery Ventures Inc.
Discovery Ventures' mission is to explore for and develop gold, silver, and copper mineral deposits in the province of British Columbia, Canada. The Company is currently focused on four core assets including the Willa deposit located 8km south of Silverton in the Slocan mining region; Redbird/Rabbitt claims located in southern British Columbia in the Similkameen Mining Division; The Bralorne claims located in southern British Columbia in the Lillooet Mining Division who's mining camp historic gold production totalled 4.15 million ounces of gold from 52 separate veins; and the Big Creek property located approximately 47 kilometres north east of the Taseko Mines Prosperity Porphyry copper deposit.
AKASH PATEL, President
This press release contains projections and forward-looking information that involves 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 the statement that the closing of the Agreement may occur and that the option may be exercised. 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 the inability to obtain exchange approval or inability to close the agreement for any reason. 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.