Discovery Energy announces plans for a $15 million private placement

Company raises proceeds for general corporate purposes, acquisitions

By Devika Patel

Knoxville, Tenn., Oct. 22 - Discovery Energy Corp. plans to raise up to $15 million through a private placement of securities, according to an 8-K filed Monday with the Securities and Exchange Commission.

Proceeds will be used for general corporate purposes, which may include capital expenditures and license acquisitions.

The Houston company explores for oil and gas.

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