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Discovery Metals remains in discussions for change of control

Published: 15:00 01 Jul 2013 AEST

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Copper company Discovery Metals (ASX:DML) has reiterated it remains in discussions with interested parties in relation to a change of control transaction.

It has also been given some breathing space as its lenders have waived the requirement that Discovery be required to make an additional equity contribution of $30 million to the project by 15 August 2013.

However, an additional event of default will be deemed to occur if the Board has not recommended a bid to acquire Discovery by 31 July 2013 or the company has not agreed investment terms with a cornerstone investor that are satisfactory to the lenders.

 


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