DISCOVERY VENTURES ANNOUNCES CLOSING OF ITS FIRST TRANCHE PRIVATE PLACEMENT AND PAYMENT TO ROCA MINE

Nov 15, 2013

VANCOUVER – Discovery Ventures Inc. (“Discovery”) (TSXV: DVN) announces that it has completed the first tranche of its previously announced private placement financing (the “Financing”), as described in its news release of November 8, 2013, pursuant to which it has issued an aggregate of 4,779,000 units (each, a “Unit”) at a price of $0.21 per Unit for aggregate gross proceeds of $1,003,590. Each Unit consists of one common share of the Company (each, a “Share”) and one share purchase warrant (each, a “Warrant”). One Warrant entitles the holder thereof to purchase one additional Share at a price of $0.35 per Share for a period of two years from closing of the Financing. All securities issued in the Financing will be subject to a hold period that expires on March 16, 2014. In connection with the closing of the Financing, Discovery paid a finder’s fee of $60,215.40 and issued 286,740 Warrants to one finder.

Discovery used part of the proceeds from the Financing to make a payment to Roca Mines Inc. (“Roca”) of $750,000 pursuant to a binding letter agreement dated November 4, 2013 (the “Agreement”) with Roca and FortyTwo Metals Inc., a wholly-owned subsidiary of Roca (“FortyTwo”). Following the payment, Discovery is deemed to have exercised the first stage of its option to acquire FortyTwo and Roca must transfer 16% of the share capital of FortyTwo to Discovery. For further information on the Agreement and FortyTwo, please see Discovery’s news releases dated November 6, 2013, announcing the entry into of the Agreement, and November 7, 2013, announcing the conditional approval of the TSX Venture Exchange of the Agreement.

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http://www.discoveryventuresinc.com/s/news.asp?DateRange=2013/01/01…2013/12/31