Previously, the Company held an option to acquire an 80% interest in the Willa property. The Amended Option Agreement is subject to the approval of the TSX Venture Exchange (the "TSXV").
The Amended Option Agreement is consistent with the previously announced terms, except it now includes the issuance of an additional 3,600,000 common shares of Discovery upon the approval by the TSXV of the Amended Option Agreement and $600,000 payable out of the cash flow from the Willa Max Project after repayment of any outstanding production financing.
Akash Patel, President and Chief Executive Officer of the Company, commented: "The amendment provides for the acquisition of 100% of the Willa property and therefore access to 100% of future cash flow from the Willa Max Project. We are very excited to have achieved this agreement in parallel with the announcement of the terms for a debt facility that we believe may fund production."
