2F7ebruar2y015
APPOINTMENTOF ADMINSTRATORS
DiscoverMy etalLsimite(dASX/BSED:ML()
BoarodDfirectorhsatsodaayppointeSdtefaDnopkin
DiscoverMy etals , DMLotrhe Company a)nnouncetshatthe
agnMd ichaeRlyaonFfTCIonsultinagVsoluntary
AdministratorostfhCeompanuyndePrar5t.3AotfhCeorporationAsct.
ThdeecisiotnaoppoinVtoluntarAydministratorfsollo wtshreeceipetarlietrodaoycforrespondencferom
DML'LsendeGrroup.
DML'LsendeGrrouhpadsemanded fuallnidmmediatreepaymenbty DMLoafmll onie(scomprising principarlepaymentsin, teresatncdosts).
OF9nebruar2y015th, CeompaneyntereidntMao emo randumoUf nderstanding ("MOU"w) itChastlepines
GlobaElquitieLsimite(d"Castlepines").
UndetrhteermostfhMe OUC,ast lepinepsroposetdionvesUt S$ 110,000,00i0nttohCeompany'ws holly ownesdubsidiarDyiscoverCyoppe(rBotswana(P) roprietaryL)imite(d"DCB"w), hicwh oulpdrovide Castlepinews it3ah4% interesiDnt CB.
Parotfhienvestmenwt aisntendetdbouetilisebdtyhCeompanaynDd CBto:
pay-outthLeoafnromCupriCcanyoCnapitaLlP (CupricoU)f S$5,000,00p0ursuanttohFeacility
Agreemendtateod2nN8 ovembe2r014;
negotiatsaeettlemenotfhexistinlgoafninancfeacilitwy i thCeompany'secureldending syndicat(ebaseodtnhMe OUa);nd
sufficienctapitatuol ndertaktehreequireudndergroundevelopment. FollowinpgrovisioontfhMe OUttohCeompany'LsendeGrroutphCeompanryeceiveNad oticoeEfvenotf
Defauldtate1dF0ebruar2y01f5romthLeendeGrrouapdvisintghexecutioontfhMe OUbtyhCeompany walasikelbyreacohtfhAemendeadnRdestateFda cilitAygreemendtate1dJ3ul2y01T5h.Ceompany
disputetdhpeositiotnakebntyhLeendeGrrouiptnhiNs oticoeEfvenoDtfefault.
ArasesulotfhNe oticoeEfvenoDtfefauldtate1d0 Februar2y015C,upriaclsio anRdeservatioonRfightsn"oticec,laiminbgreacohtfhFeacilitAygreemenbtetweetnhCeompanaynd Cupridcate1dF3ebruary 201C5u.priicpsrovidewd itrahightitossunaeoticoedfefaulvtitahPerioritDy eed
pursuanttoh"eCrosDsefaultp"rovisions.
ssue"adNoticoeDfefault
MemberostfhDeMLBoaradnEdxecutivTeeamtravel letdLoondointnhwe eeckommencin1gF6ebruary
201t5eongagiedniscussionws itthhCeompany'lsend insgyndicaTteh.peurposoetfhesdeiscussions included:
resolvinagniyssuperovidefdourndetrhdeisputeNd oticoeEfvenoDtfefaudltate1dF0ebruary
2F7ebruar2y015
2015;
thMe OUwitChastlepineasntdhaectionrsequirebdtyhpeartietsporoceewd itphrogressintghe transactiocnontemplateudndetrhMe OUa;nd
anoythemr atterrelevanttohAemendeadnRdest ateFdacilitAygreemendtate1dJ3ul2y01w4 hich eitheprartcyonsiderendecessartyroesolve.
FollowintghesdeiscussionasnadtthexpresrsequesatnedncouragemenotfhLeendersth, Ceompany formallwy rottetohLeenderrsequestinwg ritteangreement:
retractintghNe oticoeEfvent oDfefauldtate1dF0ebruar2y015;
implementatioon"afStandstiPlleriodo"nfloestshasnimx onthpsertainintgaoollbligationasnd requirementpsursuanttohAemendeadnRde stateFdacilitAygreemenatnwd herebnyo enforcemenatctiown oulbdteakebntyhleendinsgyndicate;
fotrhleendinsgyndicatteaocceptthperoposaoClfastlepinetssoettlaeallmountoswinbgtyhe
Companiyanccordancwe itthhteermpsrovid efdoirtnhMe OUwitChastlepinesa;nd
tcoompletSaeharPeurchasPelaonRrightIsssuaellowinfgoirnterimfundintgboreaisetdo providtehCeompanwy itshomwe orkincgapitaalntdo papyarotaroltlfhLeoapnayablteCoupric pursuanttohFeacilitAygreemendtate2dN8 ovembe2r014.
ThCeompanhyansowreceivendotictehatthLeendeGrrouwp inlloptrovidtehwe ritteangreement requesteTdh.CeompanryemainisdnefauoltfhReestateadnAdmendeFdacilitAygreemenwt itthe lendinsgyndicatdeate1dJ3ul2y01a4ntdhFeacility Agreemenwt itChupridca te2dN8 ovembe2r01T4h.e Companiuysnablteroemedtyhesdeefaults.
DML'LsendeGrrouhpansowdemandefduallnidmme diatreepaymenbtDyMLoafmll onie(scomprising principarlepaymentsin, teresatncdosts).
Accordinglyth, BeoarodDfirectorostfhCeompancyons idertshCeompantyboiensolvenotlrikeltyboe insolvendtutetohaebove-statemd atters.
FurthedretailostfhVeoluntarAydministratiopnrocesws ibllaennounceadtshebyecomaevailable.
Fofrurtheirnformationonthis releaseandDiscoverMy etalLsimitedp,leasecontact:
BobFulke-Mr anagingDirectoarndCEO Phone+:6173218022E2/ mailB: ob.Fulker@discoverymetals.com
KerrPy arkeC-r FOandCompanSy ecretary
Phone+:61732180222
E/ mailK: erry.Parker@discoverymetals.com
distributed by |