Ayubowan Capital Announces $10 Million Private Placement Financing
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AYUBOWAN CAPITAL LTD.
Suite 2200, 885 West Georgia Street
Vancouver, British Columbia
V6C 3E8
NEWS RELEASE
AYUBOWAN CAPITAL ANNOUNCES $10 MILLION PRIVATE PLACEMENT FINANCING
Vancouver, British Columbia – June 8, 2017– Ayubowan Capital Ltd. (the "Company")
(NEX: AYB.H) is pleased to announce that it intends to complete a non-brokered private
placement (the “Offering”) to raise up to $10,000,000 through the issuance of up to 20,000,000
subscription receipts at a price of $0.50 per subscription receipt.
The proceeds of the Offering will be held in escrow, pending the Company receiving all
applicable regulatory approvals and completing its proposed Change of Business transaction as
defined under the policies of the TSX Venture Exchange (the “Exchange”), as further described
in the Company’s news release dated May 1, 2017.
Upon satisfaction of the escrow conditions, each subscription receipt will automatically convert
into one unit of the Company for no additional consideration. Each Unit will consist of one
common share and one share purchase warrant, with each share purchase warrant entitling the
holder to acquire one additional common share at a price of $1.00 per share for a period of 24
months from the date the warrants are issued. Finder’s fees may be payable to arm’s length
parties who introduce the Company to subscribers, in accordance with the policies of the
Exchange.
The proceeds of the Offering will be used to fund the Company’s proposed phase one
exploration program on the Puerto Rico Property, as further described in the Company’s news
release dated May 1, 2017. The balance of the proceeds will be used to fund preliminary
exploration work on the other properties recently optioned by the Company as detailed in the
Company’s news releases dated May 1, 2017 and June 1, 2017, and for general working capital
purposes. A technical report on the Puerto Rico Property under National Instrument 43-101, will
be filed on Sedar once finalized.
The Company anticipates that certain insiders will acquire securities in the private placement.
To the extent such insiders participate in the private placement, any such participation would be
considered a "related party transaction" as defined under Multilateral Instrument 61-101.
Name Change
Further to the Company’s news release dated June 1, 2017, the Company announces that the
change of its name to Discovery Metals Corp. will be effective at the market open on Tuesday,
June 13, 2017. The Company’s ticker symbol will change to DSV.H and the new CUSIP number
will be 25471U100.
Completion of the Offering and the Company’s proposed Change of Business transaction
remains subject to Exchange approval. Trading in the Company’s common shares will remain
halted pending further filings with the Exchange.
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Legal*43725841.1
For further information, please contact Scott Ackerman at 1-778-331-8505 or
On Behalf of the Board of Directors of
AYUBOWAN CAPITAL LTD.
Scott Ackerman
Director
Ayubowan Capital Ltd.
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Completion of the transaction is subject to a number of conditions, including but not limited to,
Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable,
the transaction cannot close until the required shareholder approval is obtained. There can be
no assurance that the transaction will be completed as proposed or at all. Investors are
cautioned that, except as disclosed in the management information circular or filing statement to
be prepared in connection with the transaction, any information released or received with
respect to the transaction may not be accurate or complete and should not be relied upon.
Trading in the securities of the Company should be considered highly speculative. The TSX
Venture Exchange has in no way passed upon the merits of the proposed transaction and has
neither approved nor disapproved the contents of this news release.
This news release may include forward-looking statements that are subject to inherent risks and
uncertainties. All statements within this news release, other than statements of historical fact,
are to be considered forward looking. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results or developments may
differ materially from those described in forward-looking statements. Factors that could cause
actual results to differ materially from those described in forward-looking statements include
fluctuations in market prices, including metal prices, continued availability of capital and
financing, and general economic, market or business conditions. There can be no assurances
that such statements will prove accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. We do not assume any obligation to update any forward-
looking statements except as required under applicable laws.