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Discovery-Corp. arranges share rollback, financing
2019-12-10 15:30 ET - News Release
Mr. Iain Brown reports
DISCOVERY-CORP ENTERPRISES INC. ANNOUNCES $350,000 PRIVATE PLACEMENT AND 10 FOR 1 CONSOLIDATION
Discovery-Corp. Enterprises Inc.'s consolidation of all outstanding shares on a one-new-for-10-old basis was approved by 99.6 per cent of shareholders that voted on Dec. 4, 2019, at the company's annual general and special meeting. On a post consolidation basis, the Company also announces it has arranged a non-brokered private placement of 3,500,000 units ("Units") at a price of $0.10 per Unit for total gross proceeds of $350,000 (the "Offering"). All of the Units issued will be subject to a four-month hold period. The planned consolidation of all outstanding shares on a 10 for 1 basis and the Offering are subject to the approval of the TSXV.
Each Unit will consist 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 for a period of up to 36 months from the closing date at an exercise price of $0.15 per Share. All of the Units issued will be subject to a four-month hold period. The proceeds raised from the Offering will be used for working capital and exploration work. Finder's fees may be paid.
About Discovery-Corp. Enterprises Inc.
Discovery-Corp. is a junior exploration company based in Vancouver, British Columbia, 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, BC and the Rock Creek Ranch, located in North Central Nevada at the intersection of the Getchell and Battle Mountain-Eureka gold trends.
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