(TheNewswire)
Vancouver, British Columbia - TheNewswire – March 30, 2021 -Exploits Discovery Corp. (“Exploits” or the “Company”)(CSE:NFLD) (OTCQB:NFLDF) (FSE:634-FF) (CNSX:NFLD.CN) is pleased to announcethat it has closed the final tranche of its non-brokered privateplacement previously announced on February 25 th, 26 th and March 15, 2021 (the “Offering”). The Company has raised anadditional $1,058,025 through the issuance of 2,351,167 units (the“NFT Units”) at a price of $0.45 per NFT Unit for a total raise of$1,667,210 in NFT Units. The Company also issued an additional 65,000flow through units (the “FT Units”) at a price of $0.49 per FTUnit for a total raise of $2,319,410 in FT units. The total value ofthe NFT and FT units raised was $3,986,620.
Each NFT Unit is comprised of one common share and oneshare purchase warrant. Each FT Unit is comprised of one flow throughcommon share and one share purchase warrant. Each warrant entitles theholder to purchase one common share of the Company at a price of $0.67per share for a period of two years expiring March 30, 2023. If the closing price of the common shares ofthe Company is higher than $1.00 for a period of 20 consecutivetrading days at any time after six months following the closing date,the Company can accelerate the expiry date of the warrants to thatdate which is 30 days after the Company gives notice of suchacceleration.
As part of the Offering, Exploits issued FT Units foraggregate gross proceeds of $1,850,350 to certain funds managed bySprott Asset Management LP, Middlefield Capital Corp., and Maple LeafFunds.
The Company engaged Canaccord Genuity Corp.(“Canaccord”) to act as financial advisor for the Offering andissued 111,111 NFT Units to Canaccord in payment of their financialadvisory fee. These NFT Units are on the same terms as the securitiesissued in this Offering.
In connection with the closing of the final tranche theCompany paid $20,579.99 and issued 45,732 finder warrants asfinders’ fees. The finder warrants are exercisable at a price of$0.67 for a period of two years expiring March 30, 2023. Inconnection with the first tranche closing, Exploits also paidadditional finders’ fees of $3,150 and issued 7,000 finder warrantsexercisable at a price of $0.67 for two years expiring March 15,2023.
All securities issued are subject to a four month holdperiod expiring July 31, 2021, with the exception of the 7,000 finderwarrants in connection with the first tranche closing which aresubject to a hold period expiring July 16, 2021.
The proceeds from the NFT Units will be used for exploration on the Company’sproperties, acquisition of additional properties, marketing andgeneral working capital. The proceeds fromthe sale of the FT Units will be used to incur qualifying expenditureson the Company’s properties.
Exploits Discovery is a Canadian mineral explorationcompany focused on the acquisition and development of mineral projectsin Newfoundland, Canada. The Company currently holds the Jonathan'sPond, Dog Bay, Mt. Peyton, Middle Ridge, True Grit, Great Bend andGazeebow projects which cumulatively cover an area of approximately2,111 square kilometres.
All projects within Exploits’ portfolio lie withinthe Exploits Subzone.
Exploits believes that the Exploits Subzone, whichruns 200 km from Dog Bay southwest to Bay d'Espoir, has beenneglected since the last major exploration campaigns in the 1980s. Thelast 40 years have seen incremental advancements in the understandingof gold mineralization in the camp. The sum of this knowledge is nowcoming together in discrete and effective exploration models that havedelivered discoveries such as New Found Gold's 2019 discovery of 92.86g/t Au over 19.0 metres near surface. The Exploits Subzone and GRUBregions have been the focus of major staking and financing throughout2020, with increased exploration activities forecasted in the areamoving into 2021. Exploits is financed and with two of five drillpermits in place for an extensive drill program in the Spring of2021.
The team at Exploits, with significant local experienceand knowledge, have studied the entirety of the Exploits Subzone andpicked individual land packages for staking or joint venture wherethere is an opportunity for world class discoveries and minedevelopment. Exploits intends to leverage its local team and thelarger shift in understanding and become one of the most extensiveexplorers in the Exploits Subzone.
ON BEHALF OF THE BOARD
/s/ "Michael Collins "
President and CEO
For further information, pleasecontact:
Michael Collins, CEO
Tel: (604) 681-3170
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.
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