C$2 million convertible facility, C$5 million credit facility provided
By Devika Patel
Knoxville, Tenn., May 29 – Discovery Ventures Inc. said it arranged a C$2 million convertible credit facility and a C$5 million credit facility with Dan Omeniuk.
Borrowings under the convertible credit facility mature on in two years and will convert to common stock and an equal number of warrants at C$0.10 per unit, which is identical to the May 28 closing share price.
The warrants are each exercisable at $0.15 for three years. The strike price is a 50% premium to the May 28 closing share price.
Borrowings under the credit facility mature on in three years.
The credit facilities may be repaid at any time.
Proceeds will be used for advancement of mining properties and general working capital.
The gold, silver and copper mining company is based in Vancouver, B.C.
| Issuer: | Discovery Ventures Inc.
|
| Issue: | Convertible credit facility, credit facility
|
| Amount: | C$7 million
|
| Call: | Yes
|
| Investor: | Dan Omeniuk
|
| Pricing date: | May 29
|
| Stock symbol: | TSX Venture: DVN
|
| Stock price: | C$0.10 at close May 28
|
| Market capitalization: | C$9.86 million
|
|
|
| Convertible credit facility
|
| Amount: | C$2 million
|
| Maturity: | Two years
|
| Conversion price: | $0.10
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.15
|
|
|
| Credit facility
|
| Amount: | C$5 million
|
| Maturity: | Three years
|
| Warrants: | No
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
