Discovery Ventures Amends Agreement to Acquire 100% of the Willa Gold Project
February 27, 2014 (Source: Marketwired) — Discovery Ventures Inc. (“Discovery” or the “Company“) (TSX VENTURE:DVN) is pleased to announce that, further to its news releases dated November 19, 2012 and January 17, 2014, it has entered into an amended option agreement (the “Amended Option Agreement“) with 0951719 B.C. Ltd. (the “Optionor“) to now acquire a 100% interest in the Willa property, consisting of 5,328 hectares located in the Slocan Mining Division, British Columbia, south of the town of Silverton B.C. Previously, the Company held an option to acquire an 80% interest in the Willa property. The Amended Option Agreement is subject to the approval of the TSX Venture Exchange (the “TSXV“).
The Amended Option Agreement is consistent with the previously announced terms, except it now includes the issuance of an additional 3,600,000 common shares of Discovery upon the approval by the TSXV of the Amended Option Agreement and $600,000 payable out of the cash flow from the Willa Max Project after repayment of any outstanding production financing.
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Akash Patel, President and Chief Executive Officer of the Company, commented: “The amendment provides for the acquisition of 100% of the Willa property and therefore access to 100% of future cash flow from the Willa Max Project. We are very excited to have achieved this agreement in parallel with the announcement of the terms for a debt facility that we believe may fund production.”
Akash Patel, President and Director, Discovery Ventures Inc.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking information that involve 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 the Discovery, such as the Company’s ability to exercise its option to acquire the Willa property and that the debt facility may fund production. 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: (i) adverse market conditions; (ii) risks inherent in the mineral exploration industry in general; (iii) the ability of Discovery to exercise one or more stages of the option to acquire FortyTwo Metals; (iv) the inability of Discovery to complete previously announced and proposed debt and equity financings; or (v) the TSXV not approving the Amended Option Agreement, debt facility or the necessary equity financing. 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. Except as required by law, Discovery does not intend to update these forward-looking statements.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>