Discovery Ventures Inc. Announces Release of Agreement With 0951719 B.C. Ltd.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 16, 2015) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:ODV)(OTCQX:DTVMF) ("Discovery") is pleased to announce that it has entered into an amendment and release agreement (the "Release Agreement") with 0951719 B.C. Ltd. ("Numberco"), to release Discovery from its obligations owed to Numberco pursuant to the terms of the framework agreement (the "Framework Agreement") dated April 15, 2014 between Discovery, Numberco, and the owners of the Willa property.
The Release Agreement terminates Discovery's obligation to pay an additional $3,050,000 and issue an additional 7,000,000 common shares to Numberco that were due under the Framework Agreement.
"This is big step forward for our company," said Dan Omeniuk. "The funds that we would have used to pay Numberco are anticipated to be used towards advancing the WillaMAX Project and finalizing the 100% acquisition of 42 Metals Inc."
About Discovery
Discovery is an exploration and development stage company focused on the WillaMAX project that is prospective for gold. The WillaMAX project would combine the Willa copper-gold resource with processing facilities at the MAX Mine, both located in southeast BC.
On behalf of the Board of Directors,
Dan Omeniuk, Chief Executive Officer and Director, Discovery Ventures Inc.
Neither 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 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 Discovery, including the anticipated use of the funds available to Discovery. 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) Discovery's ability to raise additional capital and draw funds on its credit facility, and (iii) Discovery may not be able to obtain a new preliminary economic assessment and the British Columbia Securities Commission may issue a cease trade order that prevents the trading in the securities of Discovery. 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