Discovery Metals Closes First Tranche of C$25 Million Private Placement

20200601_pr_-_closing_of_first_tranche_financing_final

June 1, 2020, Toronto, Ontario – Discovery Metals Corp. (TSXV: DSV; OTCQX: DSVMF) is pleased to announce that it has closed the first tranche of the non-brokered private placement (the “Private Placement”) as previously announced on May 18, 2020. The first tranche consists of 31,090,945 units (“Units”) at a price of C$0.55 per Unit for aggregate proceeds of C$17,100,020. 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. Discovery intends to close a further C$7,899,980 in subscriptions in a second tranche of the Private Placement, for an aggregate total of C$25,000,000.

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