Discovery Announces Warrant Exercises, Resulting in Increased Cash Balance of C$98 million
February 22 2021 - 8:31AM
Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF)
(“Discovery” or the “Company”) announces that an aggregate of
31,140,000 common share purchase warrants with an exercise price of
C$1.00 were exercised prior to their expiry on February 17, 2021.
The exercises resulted in gross proceeds of approximately C$31
million. The Company’s current cash balance has increased to
approximately C$98 million.
Taj Singh, President and CEO comments: “The
exercise and expiry of these warrants is a significant positive
event as it bolsters our cash position and eliminates the selling
pressure typically experienced with warrant expiration. In the last
six weeks 18 million warrants were exercised. With a cash balance
of nearly $100M Discovery is in a solid position to rapidly advance
the Cordero project, one of the largest undeveloped silver assets
in the world, at a time when silver demand is very strong and
sizeable development assets are in short supply.”
About DiscoveryDiscovery’s
flagship project is its 100%-owned Cordero silver project in
Chihuahua State, Mexico. Our drill results to date show that
Cordero is developing all the attributes of a tier 1 project –
grade, scale, significant organic growth opportunities and well
located in one of Mexico’s premier mining belts. The project is
supported by an industry leading balance sheet with no debt and
over $90 million of cash allocated for aggressive exploration,
resource expansion and future development. Discovery was a
recipient of the 2020 TSX Venture 50 award and the 2021 OTCQX Best
50 award.
On Behalf of the Board of Directors,
Taj Singh, M.Eng, P.Eng, CPA, President, Chief
Executive Officer and Director
For further information contact:
Forbes Gemmell, CFA
VP Corporate Development & Investor
RelationsPhone: 416-613-9410Email:
forbes.gemmell@dsvmetals.comWebsite: www.dsvmetals.com
FORWARD-LOOKING
STATEMENTS:Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release is not for distribution to United States
newswire services or for dissemination in the United States.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of any of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful, including any of the
securities in the United States of America. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the “1933 Act”) or any state securities
laws and may not be offered or sold within the United States or to,
or for account or benefit of, U.S. Persons (as defined in
Regulation S under the 1933 Act) unless registered under the 1933
Act and applicable state securities laws, or an exemption from such
registration requirements is available.
Cautionary Note Regarding Forward-Looking
Statements
This news release may include forward-looking
statements that are subject to inherent risks and uncertainties.
All statements within this news release, other than statements of
historical fact, are to be considered forward looking. Although
Discovery believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those described
in forward-looking statements. Factors that could cause actual
results to differ materially from those described in
forward-looking statements include but are not limited to:
fluctuations in market prices, including metal prices, continued
availability of capital and financing, and general economic, market
or business conditions. There can be no assurances that such
statements will prove accurate and, therefore, readers are advised
to rely on their own evaluation of such uncertainties. Discovery
does not assume any obligation to update any forward-looking
statements except as required under applicable laws.
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