- Gold explorer DiscovEX Resources (DCX) is set to acquire the Sylvania Project in Western Australia
- Under the acquisition, which is subject to shareholder approval, DiscovEX will acquire all shares in Lighthouse Resources
- Previous exploration at the project has been limited and once the acquisition is completed, DCX will undertake a surface geochemical program, geological mapping and airborne geophysics
- DiscovEX has also announced a $4 million placement and share purchase plan, however, this is also subject to shareholder approval
- Capricorn Metals (CMM) has committed to the placement and will become a substantial shareholder, holding roughly 12 per cent
- Upon completion of the placement, Capricorn CEO Kim Massey will join DiscovEX’s Board as Non-Executive Director
- Further, Heath Hellewell will join the board as Non-Executive Chairman as current Non-Executive Chairman Peter Langworthy will step down
- After being reinstated back into trading, shares in DiscovEX are steady and are trading at 0.7 cents
Gold explorer DiscovEX Resources (DCX) is set to acquire the Sylvania Project in Western Australia.
Under the acquisition, which is subject to shareholder approval, DiscovEX will acquire all shares in Lighthouse Resources.
The 2247-square-kilometre project consists of seven granted exploration licences, 12 exploration licence applications, as well as two tenements which are not part of the acquisition.
Exploration has been limited with early-stage work conducted during the mid-’90s, and little serious focus has been on gold mineralisation.
After the acquisition is completed, DiscovEX will undertake a surface geochemical program and detailed geological mapping and airborne geophysics as required.
In a busy morning, the company all announced a placement and share purchase plan (SPP) to raise up to $4 million, however, this is also subject to shareholder approval.
Capricorn Metals (CMM) has committed to the placement and will become a substantial shareholder, holding roughly 12 per cent.
Upon completion of the placement, Capricorn CEO Kim Massey will join DiscovEX’s Board as Non-Executive Director.
Kim brings significant experience in the corporate, financial, market and industry sectors, having worked as Chief Financial Officer of Regis Resources (RRL) for the past 10 years.
In this role, he oversaw the company’s financial and corporate activities and responsibilities in investor relations and business development.
Further, Heath Hellewell will join the board as Non-Executive Chairman as current Non-Executive Chairman Peter Langworthy will step down.
Heath is a geologist with over 25 years experience in gold, diamond, and base metals exploration in Australia and West Africa.
He has held senior exploration roles in a number of companies such as Independence Group (IGO) and Resolute Mining (RSG).
“With this latest acquisition, we are giving our shareholders the opportunity to again be exposed to systematic, brand scale exploration, specifically targeting the discovery of new gold systems,” Managing Director Bradley Drabsch commented.
“We are also thrilled to welcome Capricorn Metals as a proposed major shareholder and very much look forward to working with its CEO, Kim Massey when he joins the board,” he said.
“In addition, the company welcomes Heath Hellewell as our new Chairman replacing Peter Langworthy after completion of the transaction,” he added.
After being reinstated back into trading, shares in DiscovEX are steady and trading at 0.7 cents at 12:29 pm AEDT.