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.