(TheNewswire)
Vancouver, British Columbia – TheNewswire - July 28, 2022 – Exploits Discovery Corp. (“Exploits” or the “Company”) (CSE:NFLD) (OTC:NFLDF)(FSE:634) is pleased to announce that it will conduct anon-brokered private placement (the “Offering”) of upto 8,333,333 flow-through common shares (each, an “FT Share”) ata price of $0.18 per FT Share for gross proceeds of up to $1.5million. The Offering is expected to close during the weekof August 2, 2022.
The gross proceeds received by the Company from theOffering will be used to incur eligible “Canadian explorationexpenses” (“CEE”) that are “flow-through miningexpenditures” (as such term is defined in the Income TaxAct (Canada)) related to the Company’s mining projects.
All securities issued under the Offering will besubject to a four-month-and-one-day statutory hold period inaccordance with applicable securities laws. Completion of theOffering remains subject to any required regulatory approvals.
About Exploits Discovery Corp.
Exploits is a Canadian mineral exploration company focused on theacquisition and development of mineral projects in Newfoundland andLabrador, Canada. The Company is actively exploring the Dog BayCentral, Titan, Gazeebow, Mt. Peyton, Jonathan’s Pond, True Grit,Great Bend and Middle Ridge projects, covering approximately 2,000square kilometres of mineral tenements.
Exploits believes that the Exploits Subzone Gold Belt, which runs 200kilometres from Dog Bay southwest to Bay d'Espoir, has been overlookedsince the last major exploration campaigns in the 1980s. The last 40years have seen incremental advancements in the understanding of goldmineralization in central Newfoundland. The sum of this knowledge isnow coming together in discrete and effective exploration models thathave delivered gold results including, New Found Gold's 2019 discoveryhole. The Exploits Subzone has been the focus of major staking andfinancing since late 2019, with high grade gold discoveries by NewFound Gold and Labrador Gold, as well as advanced resource developmentby Sokoman Minerals.
The team at Exploits, with significant local experience and knowledge,has studied the entirety of the Exploits Subzone and surroundingregions, and having picked individual land claims for staking,purchase or joint ventures, has developed a land package where thereare opportunities for world class discoveries and mine development.Exploits is leveraging its local team and geologic understanding andis becoming one of the most extensive explorers in the ExploitsSubzone.
ON BEHALF OF THE BOARD
/s/ "Jeff Swinoga"
President and CEO
Neither the Canadian SecuritiesExchange nor its Regulation Service Provider (as the term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy of accuracy of this newsrelease.
Forward-Looking Statements
This news release contains certain forward-lookingstatements, which relate to future events or future performance andreflect management's current expectations and assumptions. Suchforward-looking statements reflect management's current beliefs andare based on assumptions made by and information currently availableto the Company. Readers are cautioned that these forward-lookingstatements are neither promises nor guarantees, and are subject torisks and uncertainties that may cause future results to differmaterially from those expected including, but not limited to, marketconditions, availability of financing, actual results of the Company'sexploration and other activities, environmental risks, future metalprices, operating risks, accidents, labor issues, delays in obtaininggovernmental approvals and permits, and other risks in the miningindustry. All the forward-looking statements made in this news releaseare qualified by these cautionary statements and those in ourcontinuous disclosure filings available on SEDAR at www.sedar.com.These forward-looking statements are made as of the date hereof andthe Company does not assume any obligation to update or revise them toreflect new events or circumstances save as required by applicablelaw.
Exploits Discovery would like to acknowledge thefinancial support of the Junior Exploration Assistance Program fromthe Department of Natural Resources, Government of Newfoundland andLabrador.
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