Discovery Minerals Ltd (DSCR) Announces Plan to Issue Anti-Dilutive Convertible Preferred Securities to its confirmed shareholders in street name.
Reno, NV (eTeligis via ACCESSWIRE) 7/12/2013 7:10:00 AM - Discovery Minerals Ltd. (OTC PINK: DSCR) is pleased to announce that it will be issuing Anti-Dilutive Convertible Preferred Stock to all confirmed stockholders in street name, to compliment the same preferred shares that it has issued to management and shareholders of record. Discovery Minerals Ltd is also seeking to negotiate its debt issuances from its note holders by issuing these equity securities as an exchange for these obligations.
Russell Smith, CEO of Discovery Minerals states, "We believe the issuance of these securities helps our stockholders to retain the integrity of their investments, while the company seeks to negotiate the balance of its debt obligations. Our objective is to start issuing these securities to our stockholders once we have arrived at a record date for stockholders to confirm their holdings. This is the first step of our three pronged plan to build value in Discovery Minerals. Lowering our debt obligations, protecting our stockholders from volatile market conditions, and enhancing our financial statements are necessary to restoring investor confidence. We have challenges ahead, but this a crucial first opportunity to eliminate the differences between debt holders, stockholders of record and confirmed stockholders in street name with the issuance of this different class of security.
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.
