|By Marketwired .||
|March 7, 2014 09:00 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/07/14 -- Further to the news releases dated November 15, 2013 and January 8, 2014, Discovery Ventures Inc. ("Discovery") (TSX VENTURE: DVN) and Roca Mines Inc. ("Roca") are pleased to announce they have further amended the letter agreement dated November 4, 2013 (the "Agreement"), among Discovery, Roca and FortyTwo Metals Inc., a wholly-owned subsidiary of Roca ("FortyTwo"). Pursuant to the Agreement, Roca granted an exclusive option to Discovery, exercisable in three stages, to acquire all of the issued and outstanding common shares of FortyTwo. FortyTwo holds, among other assets, the Max Mine which includes an underground molybdenum mine, 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.
The first stage of the option was exercised by Discovery on November 15, 2013. The amendments to the Agreement have restructured the second stage of the option into the following three payments:
-- payment of $250,000 on or prior to January 8, 2014 (paid); -- payment of $50,000 on or prior to March 6, 2014 (paid); and -- payment of $650,000 on or prior to March 24, 2014.
To exercise the third and final stage of the option, Discovery is required to pay $3.3 million and issue 2.5 million shares of Discovery on or prior to April 5, 2014. Notwithstanding this time requirement, and pursuant to the amendment, the parties to the Agreement have agreed to undertake commercially reasonable efforts to close the Agreement and exercise the option in full on or prior to March 24, 2014.
The Company's President, Akash Patel, commented: "We believe this extension will give Discovery the extra time needed to close our anticipated equity and debt financing and acquire the remaining shares of FortyTwo Metals Inc. that we do not already own."
Akash Patel, President and Director
Discovery Ventures Inc.
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 the Discovery, such as the statement that Discovery may exercise the option, or any stage of the option and acquire any portion or all of the shares of FortyTwo. 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) risks inherent in the mineral exploration industry in general; (iii) the ability of Discovery to exercise one or more stages of the option; (iv) the ability of Discovery to raise sufficient funds to exercise one or more stages of the option; (v) the risk in Roca receiving an offer to sell the shares of FortyTwo that it is willing to accept in substitution of Discovery's option under the Agreement; (vi) the risk in one or more creditors of Roca or FortyTwo placing either entity into bankruptcy; (vii) inability to acquire permits or First Nation support for mining operations with respect to the Willa Project or the Max Mine; and (viii) latent environmental liabilities with respect to the Willa Project or the Max Project. 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.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
Discovery Ventures Inc.
Toll free: 1-800-910-7711
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