Discovery Ventures Announces Receipt of Final Approval from TSXV of Proposed Acquisition of Max Mine and Mill
03 Dicembre 2013 - 5:29PM
Marketwired
Discovery Ventures Announces Receipt of Final Approval from TSXV of
Proposed Acquisition of Max Mine and Mill
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 3, 2013) -
Discovery Ventures Inc. ("Discovery") (TSXV: DVN) is pleased to
announce it has received final approval from the TSX Venture
Exchange with respect to the binding letter agreement dated
November 4, 2013 (the "Agreement"). Pursuant to the terms of the
Agreement, Roca Mines Inc. ("Roca") has granted an exclusive option
to Discovery to acquire all of the issued and outstanding common
shares of FortyTwo Metals Inc., a wholly-owned subsidiary of Roca
("FortyTwo"). As discussed in Discovery's news release dated
November 6, 2013, FortyTwo holds, among other assets, the Max Mine
which includes an underground molybdenum mine, crushing, milling
and concentrating facilities, tailings storage facilities, mineral
claims, mining leases, licenses and other holdings located near
Trout Lake in the Revelstoke mining division of the Province of
British Columbia. The Max Mine is located approximately 135
kilometres from Discovery's Willa Project and is a formerly
producing molybdenum mine that operated from 2007 until November
2011 when depressed metal prices led to its closure.
As discussed in its press release dated November 15, 2013,
Discovery closed a private placement financing and used proceeds of
$750,000 to exercise the first stage of the option in accordance
with the Agreement, following which Roca transferred 16% of the
shares of FortyTwo to Discovery. Discovery is currently making
arrangements to raise an additional $950,000 in order to exercise
the second stage of the option on or before the required date of
January 5, 2013. Upon payment of the second tranche, Roca is
required to transfer an additional 19% of the shares of FortyTwo to
Discovery.
If you would like to be added to Discovery's news distribution
list, please send your email address to
info@discoveryventuresinc.com or visit our website located at
www.discoveryventuresinc.com???.
Akash Patel, President and Director
Discovery Ventures Inc.
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 statement that Discovery
may exercise the option and acquire any portion or all of the
shares of FortyTwo and raise $950,000 to exercise the second stage
of the option. 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 the second or third stage of the
option; (iv) the ability of Discovery to raise sufficient funds to
exercise the second or third stage of the option; (v) the risk in
Roca receiving an offer to sell the shares of FortyTwo that it is
willing to accept in substitution of Discovery's option under the
Agreement; (vi) the risk in one or more creditors of Roca or
FortyTwo placing either entity into bankruptcy; (vii) inability to
acquire permits or First Nation support for mining operations with
respect to the Willa Project or the Max Mine; and (viii) latent
environmental liabilities with respect to the Willa Project or the
Max Project. 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.
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.
Discovery Ventures Inc.Ron BirchInvestor Relations(604)-818-1706
or (250)-545-0383Toll free:
1-800-910-7711www.discoveryventuresinc.com
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