Discovery-Corp Announces Closing $150,000 Private Placement
TSX.V Symbol: DCY News Release
March 13, 2019 For immediate release
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Discovery-Corp Announces Closing $150,000 Private Placement
Vancouver - Discovery-Corp Enterprises Inc. (the "Company") (DCY-TSXV) announces that, further to its news release dated February 21, 2019, it has closed its non-brokered private placement of 15,000,000 units (“Units”) at a price of $0.01 per Unit (the "Offering") for gross proceeds of $150,000. The proceeds raised from the Offering are for working capital to preserve the Company's existing operations and assets and includes payments to related parties. Funds will be used for general administrative and office expenses including accounting, legal, trust services, regulatory fees and exploration property maintenance expenses. No finder’s fees were paid in connection with the Offering.
Each Unit consists of one common share ("Share") and one share purchase warrant of the Company ("Warrant"). Each whole Warrant will entitle the holder to purchase an additional Share (a "Warrant Share") at an exercise price of $0.05 per Warrant Share until March 7, 2022. All securities issued pursuant to the Offering are subject to a four-month resale restriction expiring on July 15, 2019.
Iain Brown (“Mr. Brown”) Director and Officer of the Company announces that he (as such term is defined under Multilateral Instrument 62-104) has acquired ownership and control of 3,000,000 units (the "Units") of the Company through a private placement at a price of $0.01 per Unit on March 8, 2019. The 3,000,000 common shares (the "Shares") and 3,000,000 share purchase warrants (the "Warrants") comprising the Units acquired by Mr. Brown represent 12.5% of the Company's issued and outstanding common shares on a non-diluted basis or 13.6% of the Company's issued and outstanding common shares, calculated on a partiallydiluted basis assuming the exercise of Mr. Brown’s Warrants.
After giving effect to the acquisition referred to above, Mr. Brown will beneficially own an aggregate total of 10,880,000 Shares and 6,380,000 Warrants and zero stock options. Mr. Brown acquired the Units for investment purposes. Mr. Brown intends to evaluate his investment in the Company and to increase or decrease his shareholdings as he determines for investment purposes.
This press release is being disseminated as required by National Instrument 62-103, The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of an early warning report (the "Early Warning Report"). A copy of the Early Warning Report may be found on www.sedar.com under the Company's profile.
On Behalf of the Board of Directors “Iain Brown”, Chief Financial Officer Discovery-Corp Enterprises Inc.
Discovery-Corp is a junior exploration company based in Vancouver, Canada that is focused on finding high quality gold and copper properties. Discovery-Corp’s properties include the Galaxy, located in the New Afton camp in Kamloops, British Columbia and the Rock Creek Ranch, located in North Central Nevada at the intersection of the Getchell and Battle Mountain-Eureka gold trends.
This release has been prepared by Management – The TSX Venture Exchange has not reviewed this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the corporations control which may cause actual results, performance or achievements of the corporation’s to be materially different from the results, performance or expectation implied by these forward looking statements. Certain statements set out in this News Release constitute forward-looking statements. Forward-looking statements (i) are often, but not always, identified by the use of words such as “expect”, “may”, “could”, “anticipate”, or “will”, and similar expressions; (ii) are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements.