Discovery Ventures Inc. Announces 100% Acquisition of FortyTwo Metals Inc. (Max Mine and Mill)
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 6, 2015) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:0DV)(OTCQX:DTVMF) ("Discovery") announces that, pursuant to a share purchase agreement (the "Share Purchase Agreement") dated October 5, 2015 with Roca Mines Inc. ("Roca"), it has acquired the remaining 65% of the outstanding share capital of FortyTwo Metals Inc. ("FortyTwo") and is now the owner of 100% of the share capital of FortyTwo. Pursuant to the Share Purchase Agreement, Discovery acquired the remaining shares of FortyTwo in exchange for the following:
- the payment of CDN$200,000;
- the issuance of 3,000,000 common shares of Discovery; and
- the issuance of 3,000,000 share purchase warrants to purchase up to 3,000,000 additional common shares of Discovery at a price of $0.15 for a period of 5 years.
Discovery acquired FortyTwo with its existing liabilities. FortyTwo holds, among other assets, the Max Mine which includes an underground molybdenum mine, approximately $50M tax loss, crushing, milling and concentrating facilities, tailings storage facilities, mineral claims, mining leases, licenses and other holdings located near Trout Lake in the Revelstoke mining division of the Province of British Columbia. The Max Mine is located approximately 135 kilometres from Discovery's Willa Project and is a formerly producing molybdenum mine that operated from 2007 until November 2011 when depressed metal prices led to its closure.
"We are pleased to announce the FortyTwo Metals acquisition for our shareholders," said Dan Omeniuk. "Discovery now has the final piece and we are ready to move the WillaMAX Project forward by the exploration and development of the Willa property and the refurbishment the Max mill."
About Discovery
Discovery is an exploration and development stage company focused on the WillaMAX project that is prospective for gold. The WillaMAX project consists of the exploration and development of the Willa property and the refurbishment the Max mill.
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.