Wednesday, September 11, 2013 12:33:04 PM
DISCOVERY CLOSES $1,221,700 PRIVATE PLACEMENT
Discovery Harbour Resources Corp. has completed a non-brokered private placement of 12,217,000 units of the company at 10 cents per unit for gross proceeds of $1,221,700. Each unit comprises one common share of the company and one common share purchase warrant, with each warrant being exercisable into one share at an exercise price of 20 cents until Sept. 10, 2015. The expiry date of the warrants may be accelerated in the event the volume-weighted average trading price of the company's shares is greater than 30 cents for 20 consecutive trading days, in which case the company may provide notice to the warrantholders to exercise their warrants within 30 days. Richard B. Gilliam, a director and significant shareholder of the company, acquired 10 million units directly and one million units indirectly through Westwood Tall Oaks LLC, a trust over which Mr. Gilliam has control and direction. On closing of the financing, Mr. Gilliam held a total of 18,390,915 shares, representing approximately 40.6 per cent of the outstanding shares on an undiluted basis.
In connection with the closing of the financing, the company paid aggregate finders' fees of $7,302.
All of the securities issued in connection with this private placement will be subject to a hold period expiring Jan. 11, 2014. Proceeds from the private placement are expected to be used to finance exploration and development of the company's Wabassi project and for general working capital purposes.
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