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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (7090)	6/12/2014 10:18:22 AM
From: Goose94	Read Replies (1) \| Respond to of 202705

DVN-V year to date high, 25.5 cents

To: Goose94 who wrote (7090)	6/18/2014 8:42:31 AM
From: Goose94	Read Replies (2) \| Respond to of 202705

Discovery Ventures (DVN-V) June 18, '14 repaid by the delivery of 14,400 ounces of gold and 900 tons of copper June 18, '14 - NR Discovery Ventures Inc. has signed a non-binding term sheet for a $12.1-million (U.S.) gold prepayment agreement with a financing firm based in New York. The facility would bear interest at a rate of 9 per cent per annum on funds advanced and would be repaid by the delivery of 14,400 ounces of gold and 900 tons of copper over a maximum 36-month period starting no later than the 19th month following the closing date. The principal amount will be provided in two tranches, with the first tranche of $4.1-million provided at closing and the second tranche of $8.0-million to be financed no later than 12 months after closing, subject to conditions precedent to be mutually agreed upon. Proceeds from the facility will be used to complete the acquisition of FortyTwo Metals Inc. (including the MAX mine, existing permits, mill/concentrator and tax loss pools) and advance and develop the WillaMAX project in British Columbia to sustainable production as outlined in Discovery's preliminary economic assessment report dated May 26, 2014. Subject to satisfactory legal and technical due diligence, the entry into a definitive agreement, and the completion of conditions to be contained in the definitive agreement, the facility is targeted to close by September, 2014, and will be secured by Discovery's assets. Discovery will enter an off-take agreement for all production from the WillaMAX project during the repayment period. The facility was arranged by BayFront Capital Inc., and Discovery anticipates paying a finder's fee of 5 per cent in cash and in warrants of any amount drawn through the facility. Any agreement and the issuance of all fees and shares shall be subject to the prior approval of the TSX Venture Exchange. Discovery also anticipates strategic restructuring of both its management team and board of directors when the facility agreement closes. The changes are expected to add significant leadership, technical expertise and experience to the senior management team to maximize the consolidated value of the WillaMAX project. Akash Patel, president and chief executive officer, commented: "Discovery management is excited to attract a gold and copper loan-type financing to advance the WillaMAX project through to near-term production. We believe that the agreement's repayment by way of metal concentrates signals a very positive outlook of our project's production potential."