Discovery Ventures Inc. announced that it has entered into a term sheet with Dan Omeniuk (the 'Investor') whereby, subject to satisfactory due diligence by the Investor, the entry into a definitive binding agreement and approval of the TSX Venture Exchange, the Investor has agreed to provide two unsecured credit facilities to Discovery: a $2 million convertible credit facility and a $5 million credit facility. The parties agreed that, concurrent with the execution of a definitive agreement for the Credit Facilities, the Investor will be appointed as a director and President and Chief Executive Officer of the Discovery.
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