Sec Form 4 Filing - WEBSTER STEVEN A @ Discovery Energy Corp. - 2017-02-15

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
WEBSTER STEVEN A
2. Issuer Name and Ticker or Trading Symbol
Discovery Energy Corp. [ DENR]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director X __ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle)
1000 LOUISIANA STREET, SUITE 3700
3. Date of Earliest Transaction (MM/DD/YY)
02/15/2017
(Street)
HOUSTON, TX77002
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_____ Form filed by One Reporting Person
__ X __ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
8% Convertible Debentures due 2021 $ 0.16 02/15/2017 P ( 1 ) 05/27/2021 Common Stock 6,250,000 $ 1,000,000 $ 3,726,082 I Through DEC Funding LLC ( 4 )
Warrant $ 0.2 02/15/2017 P 3,750,000 ( 1 ) 02/15/2020 Common Stock 3,750,000 $ 0 3,750,000 I Through DEC Funding LLC ( 4 )
Option (Right to Buy) $ 0.2 02/15/2017 P ( 1 ) 09/30/2017 8% Convertible Debentures due 2021 $ 10,000,000 $ 0 $ 10,000,000 I Through DEC Funding LLC ( 4 )
Option (Right to Buy) $ 0.2 02/15/2017 P ( 2 ) ( 3 ) 8% Convertible Debentures due 2021 $ 10,000,000 $ 0 $ 10,000,000 I Through DEC Funding LLC ( 4 )
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
WEBSTER STEVEN A
1000 LOUISIANA STREET, SUITE 3700
HOUSTON, TX77002
X
DEC Funding LLC
1000 LOUISIANA STREET, SUITE 3700
HOUSTON, TX77002
X
Signatures
/s/ Steven Webster 02/17/2017
Signature of Reporting Person Date
/s/ DEC Funding LLC, by Steven Webster, its Manager 02/17/2017
Signature of Reporting Person Date
Explanation of Responses:
( 1 )Immediately exercisable.
( 2 )Exercisable following an exercise of the first option described above.
( 3 )Expires on the later of March 31, 2018 or three months after certification of drilling of the Company's fourth well as described in the Second Amendment to Securities Purchase Agreement dated February 15, 2017.
( 4 )Mr. Webster disclaims beneficial ownership of any securities that exceed his pecuniary interest in the securities held by DEC Funding LLC.

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