Discovery Gold Corporation Signs Funding Agreement in Preparation for Edum Banso Gold Project Exploration
DENVER, Oct. 26, 2012 /PRNewswire/ -- Discovery Gold Corporation (OTCQB: DCGD) ("Discovery Gold" or the "Company") is pleased to announce that the Company has entered into a non-exclusive Non-Brokered Private Placement Agreement (the "Agreement") for an offering of up to 1,000,000 units of DCGD shares and warrants at $0.35/unit (the "Offering"). Each unit will consist of one restricted common share of the Company's stock plus one warrant to purchase one half of a common share at $0.60/share for 18 months from the closing date. This Offering is being made exclusively to accredited investors. Discovery Gold has agreed to pay a finder's fee consisting of 6% payable in cash plus 6% payable in warrants to eligible agents/brokers.
Discovery Gold's President, Steven Flechner, said, "We expect that the first tranche of the Offering will be completed within the next week, at which time the Company plans to pursue permitting, land payments and related matters in preparation for commencing the next phase of detailed soil sampling and surface trenching work programs at our strategically located Edum Banso Gold Project in the prolific Ashanti Gold Belt in Ghana."
About Discovery Gold Corporation
Discovery Gold Corporation is an emerging U.S. based mineral exploration company. The Company's wholly-owned subsidiary, Discovery Gold Ghana Limited, currently holds a 95% interest in the option of the exclusive rights to explore the Edum Banso Gold Project within the historic and prolific gold producing Ashanti Gold Belt in Ghana.
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Forward-Looking Statements/Disclaimer: Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may be identified by the use of words such as "anticipate", "believe", "expect", "may", "will", "would", "should", "plan", "projected", "intend", and similar expressions. The Company bases these forward-looking statements on current expectations and projections about future events, based on information currently available. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company disclaims any obligation to update any of its forward-looking statements, except as may be required by law. The Company's interest in the Edum Banso Gold Project is subject to final Ghanaian government approval of the licence transfer. The Company has no mineral resource or reserve estimate for the Edum Banso Gold Project at this time, has no assurance that it will discover significant mineral resources, and may not have sufficient funding to thoroughly explore, drill or develop its property.
SOURCE Discovery Gold Corporation