Thursday, August 22, 2013 10:23:07 AM
Discovery Harbour arranges $1.2-million placement
Discovery Harbour Resources Corp (C:DHR)
Shares Issued 33,076,513
Last Close 8/19/2013 $0.065
Thursday August 22 2013 - News Release
Mr. Ian Graham reports
DISCOVERY HARBOUR ANNOUNCES PRIVATE PLACEMENT
Discovery Harbour Resources Corp. has set up a non-brokered private placement to raise gross proceeds of up to $1.2-million through the issuance of up to 12 million units at 10 cents per unit. Each unit comprises one common share and one non-transferable common share purchase warrant. Each warrant is exercisable into one warrant share at an exercise price of 20 cents for two years from the closing of the private placement. In the event the volume-weighted average trading price of the company's shares is above 30 cents for 20 consecutive trading days, the company may provide notice to the warrant holders to exercise their warrants within 30 days or the warrants will expire.
An insider of Discovery will subscribe for most of the units pursuant to the private placement, and such subscription by the insider will result in that shareholder holding the largest single-share position in the company.
All of the securities issued in connection with this private placement will be subject to a hold period expiring four months and one day after the closing of the private placement.
Proceeds from the private placement are expected to be used to finance exploration and development of Discovery's Wabassi project and for general working capital purposes. The private placement is subject to approval of the TSX Venture Exchange.
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