Discovery Minerals Ltd Announces Exchange of $205,000 in Affiliate Debt for Convertible Preferred Stock
02 August 2013 - 2:30AM
OTC Markets
Discovery Minerals Ltd (DSCR) Announces Exchange of $205,000 in
Affiliate Debt for Convertible Preferred Stock
Reno, NV (eTeligis via
ACCESSWIRE) 7/31/2013 7:10:00 AM - Discovery Minerals Ltd. (OTC
PINK: DSCR) is
pleased to announce that it will be issuing Anti-Dilutive
Convertible Preferred
Stock to its Affiliates and Insiders in exchange for $205,000 in
debt. The
exchange effectively eliminates half of the debt from the balance
sheet in
Discovery Minerals.
Russell Smith, CEO of Discovery
Minerals states "Eliminating Management and Insider Debt is a huge
step in
advancing our ongoing negotiations to bring down our non-affiliate
debt. Our
priorities have always been to engage an auditing firm to commence
with our
audit, to complete an acquisition, that can add value on our
balance sheet, and
to bring our debt to equity ratio down. We are meeting those
objectives, and
understand that if we are to become an OTCQB company, as is our
plan, through a
Registration Statement, we cannot have an unmanageable debt to
equity ratio.
Additionally in the near future, Discovery Minerals Ltd will be
issuing the
same convertible preferred securities to confirmed stockholders as
a compliment
to the common they already own, to protect the integrity of the
investments.
Once we have signed off on the Novation Agreements for the
Affiliates, we will
provide updates to stockholders on the record date for the issuance
of those
securities."
About Discovery Minerals Ltd.:
Discovery Minerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z)
(OTC
Pinksheets: DSCR) is a production stage company formed to acquire
and develop
natural resource properties. Activities include gold, precious
metals and
minerals, including rare earth minerals production and sales. The
Company
initiated a new program to evaluate undervalued assets, including
clean tech
and alternative energy investments, for potential addition to its
portfolio.
Safe Harbor: This
release includes
forward-looking statements within the meaning of Section 27A of the
Securities
Act of 1933 and Section 27E of the Securities Act of 1934.
Statements contained
in this release that are not historical facts may be deemed to
be
forward-looking statements. Investors are cautioned that
forward-looking
statements are inherently uncertain. Actual performance and results
may differ
materially from that projected or suggested herein due to certain
risks and
uncertainties including, without limitation, ability to obtain
financing and
regulatory and shareholder approval for anticipated
actions.
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