By Devika Patel
Knoxville, Tenn., April 24 - Discovery Metals Ltd. said it will raise A$2 million in a private placement of stock with Taurus Funds Management Pty Ltd. and A$2 million in an offering with Macquarie Bank Ltd.
The company will sell a total of approximately 22.2 million shares at A$0.18 each.
Investors also will receive 14,814,814 options, which are exercisable at A$0.30 until May 25, 2010.
Proceeds will be used to complete the bankable feasibility for the Boseto Copper project.
Based in Brisbane, Australia, Discovery Metals acquires nickel-copper exploration and development projects.
| Issuer: | Discovery Metals Ltd.
|
| Issue: | Stock
|
| Amount: | A$4 million
|
| Shares: | 22.2 million
|
| Price: | A$0.18
|
| Options: | 14,814,814
|
| Option expiration: | May 25, 2010
|
| Option strike price: | A$0.30
|
| Investors: | Taurus Funds Management Pty Ltd. (for A$2 million), Macquarie Bank Ltd. (for A$2 million)
|
| Pricing date: | April 24
|
| Stock symbol: | Australia: DML
|
| Stock price: | A$0.28 at close April 24
|
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