Financing sells 20 million units of one share and a half-share warrant
By Devika Patel
Knoxville, Tenn., July 22 – Discovery Ventures Inc. said it raised C$1.26 million in the second tranche of a C$3 million private placement of units. BayFront Capital Partners Ltd. is the agent for the deal, which priced March 3 and raised C$1.2 million on July 4.
The company is selling 20 million units of one common share and one half-share warrant at C$0.15 per unit. It sold 7,971,333 units in the initial tranche and 8,385,666 units in the second.
Each whole warrant is exercisable at C$0.30 for three years. The strike price is a 25% premium to the Feb. 28 closing share price of C$0.24.
Proceeds will be used to advance the WillaMAX project.
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 half-share warrant
|
| Amount: | C$3 million
|
| Units: | 20 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.30
|
| Agent: | BayFront Capital Partners Ltd.
|
| Pricing date: | March 3
|
| Settlement dates: | July 4 (for C$1,195,700), July 22 (for C$1,257,850)
|
| Stock symbol: | TSX Venture: DVN
|
| Stock price: | C$0.24 at close Feb. 28
|
| Market capitalization: | C$10.76 million
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