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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 22, 2016) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:0DV)(OTCQX:DTVMF) ("Discovery") is pleased to announce that it has entered into a debt settlement agreement with Genex Mining Company Ltd. ("Genex") whereby Discovery will settle a judgment in the amount of $900,000 Genex obtained against the Company's wholly-owned subsidiary, FortyTwo Metals Inc., through the payment of $450,000 and the issuance of 1,666,667 common shares of the Company at a deemed price of $0.15. All securities issued in the debt settlement are subject to a statutory hold period expiring four months and one day after the issuance of the common shares. The proposed debt settlement is subject to the approval of the TSX Venture Exchange.
Discovery Ventures Inc. is a gold, copper and silver mining company focused on the exploration and development of its WillaMAX project that is located in the Kootenay region of British Columbia. The company holds a 100% interest in four mineral properties in B.C., and is currently active in the development of its Willa Property. Discovery's newly acquired Max Mine and Milling facility is located 132km north of the Willa Project site.
On behalf of the Board of Directors,
Dan Omeniuk, Chief Executive Officer and Director, Discovery Ventures Inc.
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.
This press release contains forward-looking information that involve 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 Discovery, such as statements regarding the terms of the debt settlement. 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 approval from the TSX Venture Exchange. 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.
Discovery Ventures Inc.
Chief Executive Officer and Director
Discovery Ventures Inc.