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Published on 11/15/2013 in the Prospect News PIPE Daily.

Discovery wraps C$1 million of C$2 million private placement of units

Financing sells 9,523,809 units of one common share and one warrant

By Devika Patel

Knoxville, Tenn., Nov. 15 - Discovery Ventures Inc. said it raised C$1 million in the first tranche of a C$2 million non-brokered private placement of units. The deal priced on Nov. 8.

The company is selling 9,523,809 units of one common share and one warrant at C$0.21 per unit. It sold 4,779,000 units in the initial tranche.

Each warrant is exercisable at C$0.35 for two years. The strike price is a 59.09% premium to the Nov. 7 closing share price of C$0.22.

The company used some of the first-tranche proceeds to pay C$750,000 to Roca Mines Inc. in the first stage of the company's bid to acquire FortyTwo Metals Inc.

The gold, silver and copper mining company is based in Vancouver, B.C.

Issuer:Discovery Ventures Inc.
Issue:Units of one common share and one warrant
Amount:C$2 million
Units:9,523,809
Price:C$0.21
Warrants:One warrant per unit
Warrant expiration:Two years
Warrant strike price:C$0.35
Agent:Non-brokered
Pricing date:Nov. 8
Settlement date:Nov. 15 (for C$1,003,590)
Stock symbol:TSX Venture: DVN
Stock price:C$0.22 at close Nov. 7
Market capitalization:C$7.19 million

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