Discovery Harbour Announces Closing of Private Placement
July 23, 2018
Vancouver, British Columbia – July 23, 2018 – Discovery Harbour Resources Corp. (TSXV:DHR) (“Discovery Harbour” or the “Company”) announces that it has completed the previously announced non-brokered private placement (the “Private Placement”), as described in its News Release dated July 6, 2018, pursuant to which it has issued an aggregate of 6,000,000 units (each, a “Unit”) at a price of $0.05 per Unit for gross proceeds of $300,000. Each Unit consists of one common share in the capital of the Company (each, a “Share”) and one non-transferable share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one additional Share at a price of $0.10 per Share for a period of 24 months from the closing date.
The securities issued under the Financing, and the shares that may be issuable on exercise of the Warrants, are subject to a statutory hold period expiring on November 24, 2018.
No finder’s fees were issued pursuant to the Private Placement.
Insiders of the Company subscribed for a total of 1,800,000 Units under the financing. The Company did not file a material change report more than 21 days before completion of this tranche of the Private Placement because management believed that it was in the Company’s best interest to close promptly and that the filing of a material change report in less than 21 days was reasonable under the circumstances.
The proceeds of the Financing will be used for working capital.
ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.
Mark Fields, B. Comm., P.Geo. Interim President & CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.