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Discovery Minerals Ltd Announces that Majority of its Non-Affiliated Debt Holders will convert their Notes into Convertible Preferred Stock
Discovery Minerals Ltd Announces that Majority of its Non-Affiliated Debt Holders will convert their Notes into Convertible Preferred Stock.
About this update from Discovery Minerals Ltd.
[{"type":"text","content":"\n \n \n \n\n\nACCESSWIRE) 8/8/2013 7:00:00 AM -\nDiscovery Minerals Ltd. (OTC PINK: DSCR) is pleased to announce that it has\nsuccessfully concluded a memorandum of understanding with its Non-Affiliated\nDebt holders to convert their long standing notes into convertible preferred\nstock. The understanding between everyone is that these equity securities will\nform the backbone of a Registration Statement with the SEC.\n\n\n\nRussell Smith, CEO of Discovery Minerals\nstates, \"We are extremely pleased with the progress we have made. We have\ncompleted an acquisition, brought the affiliated debt down, and now put the wheels\nin motion to bring our non-affiliated debt down dramatically. We have started\nthe audit process with Malone Bailey LLP and now we are preparing for the next\nstep, which is to file a Form S-1 with the SEC so that we can become a fully\nreporting OTCQB company. Naturally, this is a work in progress, but we are\nmeeting our commitments and soon our confirmed stockholders in street name will\nsee the benefits of our actions. Our objective is to become fully reporting\nwith the SEC, through registration, and build on that value by becoming a\nBusiness Development Corporation, with a strong focus on mining\nproperties.\" \n\nAbout\nDiscovery Minerals Ltd.:\n\nDiscovery\nMinerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTC Pinksheets: DSCR) is a\nproduction stage company formed to acquire and develop natural resource\nproperties. Activities include gold, precious metals and minerals, including\nrare earth minerals production and sales. The Company initiated a new program\nto evaluate undervalued assets, including clean tech and alternative energy\ninvestments, for potential addition to its portfolio.\n\n \n\nSafe Harbor: This release includes forward-looking\nstatements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934.\nStatements contained in this release that are not historical facts may be\ndeemed to be forward-looking statements. Investors are cautioned that\nforward-looking statements are inherently uncertain. Actual performance and\nresults may differ materially from that projected or suggested herein due to\ncertain risks and uncertainties including, without limitation, ability to\nobtain financing and regulatory and shareholder appr...