Discovery Metals Corp. (TSXV: DSV; OTCQX: DSVMF) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement (the "Private Placement"), consisting of 45,454,545 units ("Units") at a price of C$0.55 per Unit for aggregate proceeds of C$25,000,000. Each Unit is comprised of one common share of Discovery ("Common Share") and one half of one Common Share purchase warrant, with each full warrant (a "Warrant") exercisable at C$0.77 for a period of two years after the date of issuance. The second tranche closed on June 8, 2020 and consisted of 14,363,600 Units for aggregate proceeds of C$7,899,980. Discovery first announced the Private Placement on May 18, 2020 and announced the closing of the first tranche of C$17,100,020 of the Private Placement on June 1, 2020.
The Company also announces it has received approval by the Mexican government to resume operations at its Cordero project with strict COVID-19 health and safety protocols. The Company is finalizing additional measures, including mandatory testing of all onsite workers to ensure the safety of its employees, consultants, contractors and communities. The Company will begin with one drill rig and will closely monitor the ramp-up of exploration activities. Further drill rigs will only be added when the Company is confident that health and safety risks can be managed effectively.
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