/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER THE UNITED STATES
VANCOUVER, April 7, 2014 /CNW/ - Discovery Harbour Resources Corp.
(TSXV:DHR) ("Discovery" or the "Company") announces a non-brokered
private placement to raise gross proceeds of up to $810,000 through the
issuance of up to 8,100,000 units at $0.10 per unit. Each unit is
comprised of one common share and one half non-transferable common
share purchase warrant. Each warrant is exercisable into one warrant
share at an exercise price of $0.10 for three years from the closing of
the private placement. In the event the volume weighted average trading
price of the Company's shares is above $0.30 for 20 consecutive trading
days, the Company may provide notice to the warrant holders to exercise
their warrants within 30 days or the warrants will expire.
An insider of Discovery will subscribe for all of the units pursuant to
the private placement, and such subscription by the insider will result
in that shareholder continuing to hold the largest single share
position in the Company.
All of the securities issued in connection with this private placement
will be subject to a hold period expiring four months and one day after
the closing of the private placement.
Proceeds from the private placement are expected to be used to fund
continued exploration and development of Discovery's Wabassi Project,
the identification and acquisition of new projects if appropriate, and
for general working capital purposes. The private placement is subject
to approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.
"Frank D. (Bruno) Hegner"
F. D. Hegner
President, CEO, Corporate Secretary and Director
This news release is not an offer of securities of the Company for sale
in the United States. The above described issuances of securities of
the Company have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
registration. This news release shall not constitute an offer to sell
or solicitation of an offer to buy nor shall there by any sale of the
above described securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Disclaimer for Forward-Looking Information
Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently characterized
by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that
certain events or conditions "may" occur. Forward-looking information
in this press release includes, but is not limited to, statements
regarding expectations of management regarding the issuance of units
pursuant to the private placement, the identity of the subscribers
under the private placement, the proposed use of proceeds and
regulatory approval. Although the Company believes that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will prove
to be correct. Such forward-looking statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements including, without limitation, the risks that the private
placement may not be completed as expected or at all, that insiders may
not subscribe for units pursuant to the private placement, that the TSX
Venture Exchange may not approve the private placement and such other
factors beyond the control of the Company. Except as required by law,
the Company expressly disclaims any obligation, and does not intend, to
update any forward-looking statements or forward-looking information in
this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Discovery Harbour Resources Corp.
For further information:
For further information, contact Kieran Magee by telephone at (604) 689-1799 or by fax at (604) 689-8199.