Discovery Ventures & Roca Mines Announce Partial Payment & Extension of Payment Terms with Respect to Acquisition of Max Mine...
08 Gennaio 2014 - 11:02PM
Marketwired
Discovery Ventures and Roca Mines Announce Partial Payment and
Extension of Payment Terms with Respect to Acquisition of Max Mine
and Mill from Roca Mines
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 8, 2014) -
Discovery Ventures Inc. (TSX-VENTURE:DVN) ("Discovery") and Roca
Mines Inc. ("Roca") are pleased to announce they have amended the
letter agreement dated November 4, 2013 (the "Agreement") with Roca
and FortyTwo Metals Inc., a wholly-owned subsidiary of Roca
("FortyTwo"). Pursuant to the original letter agreement, Roca
granted an exclusive option to Discovery to acquire all of the
issued and outstanding common shares of FortyTwo. 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.
Discovery has exercised the first stage of the option and is
working towards the exercise of the second stage of the option.
Originally, the Agreement required that Discovery pay $950,000 to
Roca on or prior to January 5, 2014, following which the second
stage of the option would be deemed exercised and Roca would
transfer an additional 19% of the share capital of FortyTwo to
Discovery.
Pursuant to the amendments, the parties agreed to restructure
the second stage of the option. As a result, Discovery is required
to pay $250,000 to Roca on or prior to January 8, 2014 and pay the
remaining $700,000 for the second stage of the option to Roca on or
prior to March 6, 2014, following which the second stage of the
option will be deemed exercised.
Akash Patel, President and Director, Discovery Ventures Inc.
This press release contains forward-looking information that
involves 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, or any stage of the option and acquire any
portion or all of the shares of FortyTwo. 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; (iv) the ability of Discovery to raise
sufficient funds to exercise one or more stages 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.
Telephone: (604)-818-1706Investor Relations: Ron BirchT:
(250)-545-0383Toll free: 1-800-910-7711
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