Eric Sprott invests $5 million in Discovery Metals
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The company said Eric Sprott has agreed to invest $5 million in the private placement.
Taj Singh, president and CEO of Discovery, said funds will be used for exploration targets located in Mexico.
"We are excited to have substantially expanded our European investor base as we transition into our next phase of growth," said Singh. "We are also very appreciative of the continued support of Mr. Sprott and are pleased that he has significantly increased his ownership in Discovery. These investments ensure we are well funded to pursue exploration plans for our Cordero silver project, and also for our Coahuila silver-zinc-lead projects. For Discovery shareholders, this private placement is a strong endorsement of our future business plans."