Business
Discovery Minerals Ltd Announces Exchange of $205,000 in Affiliate Debt for Convertible Preferred Stock
Discovery Minerals Ltd Announces Exchange of $205,000 in Affiliate Debt for Convertible Preferred Stock.
About this update from Discovery Minerals Ltd.
[{"type":"text","content":"\n \n \n \n\n\nDiscovery Minerals Ltd (DSCR) Announces Exchange of $205,000 in\nAffiliate Debt for Convertible Preferred Stock\n\nReno, NV (eTeligis via\nACCESSWIRE) 7/31/2013 7:10:00 AM - Discovery Minerals Ltd. (OTC PINK: DSCR) is\npleased to announce that it will be issuing Anti-Dilutive Convertible Preferred\nStock to its Affiliates and Insiders in exchange for $205,000 in debt. The\nexchange effectively eliminates half of the debt from the balance sheet in\nDiscovery Minerals.\n\nRussell Smith, CEO of Discovery\nMinerals states \"Eliminating Management and Insider Debt is a huge step in\nadvancing our ongoing negotiations to bring down our non-affiliate debt. Our\npriorities have always been to engage an auditing firm to commence with our\naudit, to complete an acquisition, that can add value on our balance sheet, and\nto bring our debt to equity ratio down. We are meeting those objectives, and\nunderstand that if we are to become an OTCQB company, as is our plan, through a\nRegistration Statement, we cannot have an unmanageable debt to equity ratio.\nAdditionally in the near future, Discovery Minerals Ltd will be issuing the\nsame convertible preferred securities to confirmed stockholders as a compliment\nto the common they already own, to protect the integrity of the investments.\nOnce we have signed off on the Novation Agreements for the Affiliates, we will\nprovide updates to stockholders on the record date for the issuance of those\nsecurities.\"\n\nAbout Discovery Minerals Ltd.:\n\nDiscovery Minerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTC\nPinksheets: DSCR) is a production stage company formed to acquire and develop\nnatural resource properties. Activities include gold, precious metals and\nminerals, including rare earth minerals production and sales. The Company\ninitiated a new program to evaluate undervalued assets, including clean tech\nand alternative energy investments, for potential addition to its portfolio.\n\nSafe Harbor: This release includes\nforward-looking statements within the meaning of Section 27A of the Securities\nAct of 1933 and Section 27E of the Securities Act of 1934. Statements contained\nin this release that are not historical facts may be deemed to be\nforward-looking statements. Investors are cautioned that forward-looking\nstatements are inherently uncertain. Actual perfo...