Discovery Minerals Ltd Announces Record Date of September 13, 2013 for Issuing Anti-Dilutive Convertible Preferred Securities to Confirmed Shareholders in Street Name.
Aug 13, 2013
OTC Disclosure & News Service
Reno, NV -
ACCESSWIRE) 8/13/2013 10:00:00 AM - Discovery Minerals Ltd. (OTC PINK: DSCR) is pleased to announce that it will be issuing Anti-Dilutive Convertible Preferred Shares to confirmed shareholders in street name on or before September 13, 2013. These are hybrid securities that are designed to protect investors and investments from dilution, while ensuring that the Company does not take on any further debt on its balance sheet. These securities that are being issued to our common shareholders will form the nucleus of a registration statement that we will be filing with the SEC. We will commence with the issuance of these securities, by having the common shareholders contact us, no later than September 13, 2013 so that our designate corporate secretary will know where to make delivery of the aforementioned securities for each of the stockholders. We will ask that our current common stockholders provide detail proof(s) of the amount of shares held on deposits and their cash value on deposits with their broker dealer, (Email response to: harvardtrust@execs.com ) so that we can issue the appropriate amount of convertible preferred stock as a function of the equity invested by each stockholder. There will be no further issuance resolutions by DSCR's management and use of rule 144 by stockholders, as a provision to convert debt that is not already aged, until DSCR completes a registration statement with the SEC. These securities will be priced at $2.50 per share, will be anti-dilutive, convert at par value of DSCR and will be dividend capable. Additionally, once the company has completed its audit, which Malone Bailey LLP has commenced, these securities will form the reconstituted Issued Capital that will be registered by DSCR to create new freely traded securities for its shareholders. Discovery Minerals Ltd. will host a conference call on Tuesday, September 3, 2013 at 2:00 p.m. Pacific Time / 5: 00 p.m. Eastern Time. The live call will include a moderated Q&A, after the prepared remarks. The dial-in telephone number for the live audio is as follows: North America, 1.661.673.8605, Access Code 203745#
Russell Smith, CEO of Discovery Minerals states, "We are extremely pleased to have the ability to protect our investors by issuing these preferred securities. The ability to register this stock ensures that all of our investors have some insulation from market forces and conditions. One preferred share will convert into 100,000 common at $2.50 per share, then the security is registered with the SEC. The security will be quoted at $2.50 per share to reflect the equity that we intend to move into the company through forward acquisitions of profitable enterprises. These opportunities will be audited to US GAAP standards and will allow us to consolidate condensed financial statements that will show the value that we are building for the stockholders. This opportunity, however, will only be available to investors who currently hold verified, recorded positions with DSCR as of September 13, 2013. Additionally, we will be assisting all shareholders in converting the preferred shares to common when we do register those securities with the SEC.
About Discovery Minerals Ltd.:
Discovery Minerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTC Pinksheets: DSCR) is a production stage company formed to acquire and develop natural resource properties. Activities include gold, precious metals and minerals, including rare earth minerals production and sales. The Company initiated a new program to evaluate undervalued assets, including clean tech and alternative energy investments, for potential addition to its portfolio.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
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