Discovery Ventures Inc. (TSXV:DVN) announced a brokered private placement of up to 20,000,000 units at CAD 0.15 per unit for gross proceeds of up to CAD 3,000,000 on March 3, 2014. Each unit consists of one common share and one-half of one share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at CAD 0.30 per share for a period of three years from closing. The securities to be issued are subject to a hold period of four months and one day from closing. BayFront Capital Partners Ltd. will act as placement agent to the company.

On April 2, 2014, the company announced that it has issued 6,024,250 units for gross proceeds of CAD 903,637.50 in first tranche with new investor Roca Mines Inc. The company paid a finder's fee of CAD 54,218.25 and issued warrants to purchase up to 361,455 shares on the same terms as the warrants to two finders in connection with the transaction. The company will issue additional 14,000,000 units for gross proceeds of CAD 2,100,000 on the same terms as the transaction. The company will now raise aggregate gross proceeds of CAD 3,003,637.50 in the transaction.

On April 3, 2014, the company announced that the first tranche has been approved by the TSX Venture Exchange. The first tranche included participation from 31 investors. The company paid finder's fee of CAD 49,268.25 and issued 328,455 finder warrants to PI Financial Corp. and CAD 4,950 and issued 33,000 finder warrants to Mackie Research Capital Corporation.

On July 4, 2014, the company announced that it has received CAD 1,195,699.95 in second tranche of the transaction. The company issued 7,971,333 units in tranche. The company paid finder's fee to one finder comprising CAD 32,025 and warrants to purchase up to 213,500 shares on the same terms as the warrants.

On July 7, 2014, the company announced that the second tranche has been approved by the TSX Venture Exchange. The second tranche included participation from 28 placees. Akash Patel, Chief Executive Officer of the company subscribed for 33,333 shares and aggregate professionals group subscribed for 300,000 shares. The company paid finder's fee of CAD 32,025 and 213,500 warrants payable to PI Financial Corp.

On July 8, 2014, the company has received CAD 15,000 pursuant to Regulation D.

As of July 21, 2014, the company has received CAD 15,000 from a single investor pursuant to exemption provided under Regulation D. The conversion was made based on the Bank of Canada exchange rate of $0.9314 on July 21, 2014.


On July 22, 2014, Discovery Ventures Inc. closed the transaction. The company has received CAD 1,257,850 from final tranche of the transaction. The company has issued 8,385,666 units at a price of CAD 0.15 per unit. The company has paid finder's fee of CAD 29,160 and issued up to 203,400 warrants to Haywood Securities Inc and Canaccord Genuity Corp with respect to the transaction. The company has raised CAD 3,357,186 funding till date. TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 38 placees.