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Discovery Announces Warrant Exercises, Resulting in Increased Cash Balance of C$98 million

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Discovery Metals Corp. (TSX-V: DSV) (OTCQX: DSVMF) announces that an aggregate of 31,140,000 common share purchase warrants with an exercise price of C$1.00 were exercised prior to their expiry on February 17, 2021. The exercises resulted in gross proceeds of approximately C$31 million. The Company’s current cash balance has increased to approximately C$98 million.

 

Taj Singh, President and CEO comments: “The exercise and expiry of these warrants is a significant positive event as it bolsters our cash position and eliminates the selling pressure typically experienced with warrant expiration. In the last six weeks 18 million warrants were exercised. With a cash balance of nearly $100M Discovery is in a solid position to rapidly advance the Cordero project, one of the largest undeveloped silver assets in the world, at a time when silver demand is very strong and sizeable development assets are in short supply.”

 

About Discovery

 

Discovery’s flagship project is its 100%-owned Cordero silver project in Chihuahua State, Mexico. Our drill results to date show that Cordero is developing all the attributes of a tier 1 project – grade, scale, significant organic growth opportunities and well located in one of Mexico’s premier mining belts. The project is supported by an industry leading balance sheet with no debt and over $90 million of cash allocated for aggressive exploration, resource expansion and future development. Discovery was a recipient of the 2020 TSX Venture 50 award and the 2021 OTCQX Best 50 award.

 

Posted February 22, 2021

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