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Eric Sprott invests $5 million in Discovery Metals

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(Kitco News) -  Silver-focused Discovery Metals (TSX-V:DSV) said today it intends to complete a non-brokered private placement to raise up to $17 million through the issuance of common shares.

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."

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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