Discovery Capital Corporation

Discovery Capital Corporation

March 22, 2006 15:07 ET

Discovery Capital Corporation Renews Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2006) - Discovery Capital Corporation (the "Company") (TSX VENTURE:DVY.Y) announced today that it has received approval from the TSX Venture Exchange (the "Exchange") to renew its normal course issuer bid for up to 2,720,409 common shares of the Company, being 10% of the Company's "Public Float" as defined in the policies of the Exchange. The bid will commence on March 29, 2006 and will continue until the earlier of March 28, 2007 and the date by which the Company has acquired the maximum 2,720,409 shares which may be purchased under the bid. Purchases will be made through the facilities of the Exchange only, in accordance with the requirements of the Exchange, and the price at which the Company will purchase its shares will be the market price of the shares at the time of acquisition. The Company has appointed Scotia Capital Inc. as its broker to conduct normal course issuer bid transactions.

Pursuant to a normal course issuer bid expiring March 28, 2006, the Company repurchased 759,000 common shares at an average purchase price of $0.18 per share, which shares have been cancelled. The Company has 50,619,657 common shares issued and outstanding.

The Company is of the view that it is advantageous to engage in repurchases of its common shares for cancellation, from time to time, when they are trading at prices which reflect a significant discount from their net asset value. Purchases made under the normal course issuer bid will have the immediate effect of increasing the net asset value per common share.

About Discovery Capital Corporation

With nearly 20 years of venture capital experience in British Columbia, Discovery Capital, through its wholly owned subsidiary, Discovery Capital Management Corp., is a venture fund manager and venture capital investor specializing in: information technology, communications, health and life sciences, energy technology and other advanced technologies. We have proven expertise in strategic planning, management development, innovative financing strategies, corporate governance and positioning for liquidity. Discovery Capital Management Corp. is the manager of British Columbia Discovery Fund (VCC) Inc., a British Columbia venture capital fund that has raised over $35.0 million to date.

For more information about Discovery Capital Corporation, please visit

John McEwen, President and Co-Chief Executive Officer

Harry Jaako, Chairman and Co-Chief Executive Officer

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Discovery Capital Corporation
    Charles Cook
    (604) 683-3000 ext. 102
    Discovery Capital Corporation
    Harry Jaako
    Chairman and Co-CEO
    (604) 683-3000 ext. 105
    Discovery Capital Corporation
    John McEwen
    President and Co-CEO
    (604) 683-3000 ext. 106
    (604) 662-3457 (FAX)