Discovery Ventures Inc. (TSXV:DVN) has completed a first tranche of a private placement including 7,971,333 units priced at $0.15 per unit for gross proceeds of $1,195,699.95. Each unit consists of one share of common stock of discovery and one-half of one non-transferrable warrant. Each warrant entitles the holder to purchase one additional share at a price of $0.30 for a period of three years. The company expects to close a second tranche on the same terms.
As quoted in the press release:
Discovery intends to use the proceeds of the financing to advance the WillaMAX Project, including; acquisition payments, ongoing engineering and design, and for the preparation of various permit application for potential production. A portion of the financing will also be allocated to general working capital. A finder’s fee was paid to one finder comprising $32,025 and warrants to purchase up to 213,500 Shares on the same terms as the Warrants.
There Is No Guide to Gold That is More Concise, Clear and Authoritative.Download our FREE Special Report, Is Gold a Good Investment? Gold Price Forecast 2015 .