ACCESSWIRE) 8/8/2013 7:00:00 AM - Discovery Minerals Ltd. (OTC PINK: DSCR) is pleased to announce that it has successfully concluded a memorandum of understanding with its Non-Affiliated Debt holders to convert their long standing notes into convertible preferred stock. The understanding between everyone is that these equity securities will form the backbone of a Registration Statement with the SEC.
Russell Smith, CEO of Discovery Minerals
states, "We are extremely pleased with the progress we have made. We have
completed an acquisition, brought the affiliated debt down, and now put the wheels
in motion to bring our non-affiliated debt down dramatically. We have started
the audit process with Malone Bailey LLP and now we are preparing for the next
step, which is to file a Form S-1 with the SEC so that we can become a fully
reporting OTCQB company. Naturally, this is a work in progress, but we are
meeting our commitments and soon our confirmed stockholders in street name will
see the benefits of our actions. Our objective is to become fully reporting
with the SEC, through registration, and build on that value by becoming a
Business Development Corporation, with a strong focus on mining
properties."
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.