Mr. Taj Singh reports
DISCOVERY ANNOUNCES WARRANT EXERCISES, RESULTING IN INCREASED CASH BALANCE OF C$98 MILLION
An aggregate of 31.14 million common share purchase warrants of Discovery Metals Corp. with an exercise price of $1 per share have been exercised prior to their expiry on Feb. 17, 2021. The exercises resulted in gross proceeds of approximately $31-million. The company's current cash balance has increased to approximately $98-million.
Taj Singh, president and chief executive officer, commented: "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 $100-million, 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 sizable development assets are in short supply."
About Discovery Metals Corp.
Discovery Metals' flagship project is its 100-per-cent-owned Cordero silver project in Chihuahua state, Mexico. Discovery Metals' 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 over $90-million of cash allocated for aggressive exploration, resource expansion and future development.
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