(TheNewswire)
Vancouver, British Columbia - TheNewswire - May 1 2 , 2021 -Exploits Discovery Corp. (“Exploits” or the “Company”)(CSE:NFLD) (OTC:NFLDF) (FSE:634-FF) (CNSX:NFLD.CN) is pleased to announce a non-brokered private placement of$8,000,000 consisting of 13,333,333 units (the “Units”) at a priceof $0.60 per Unit (the “Private Placement”). Each Unit consistsof one common share (“Common Share”) and one common share purchasewarrant (“Warrant”). Each whole Warrant entitles the holder toacquire one Common Share at an exercise price of $0.70 for a period of24 months immediately following the closing date of the PrivatePlacement.
The Private Placement is fully subscribed with Mr. Eric Sprott and NewFound Gold Corp. (TSX-V: NFG) each subscribing for $4,000,000. Closingof New Found Gold’s subscription is subject to TSV Venture Exchangeapproval. Upon completion of the Private Placement, Mr. Sprott willhold 15.1% on a non-diluted basis and 26.3% on a partially dilutedbasis assuming exercise by Mr. Sprott of all Warrants held, while NewFound Gold will hold 13.6% on a non-diluted basis and 19.2% on apartially diluted basis assuming exercise by New Found Gold of allWarrants held.
Michael Collins, President, CEO & Director stated “With Mr.Sprott doubling his investment in Exploits, and New Found Goldexpanding on their existing cornerstone position, we are very pleasedto have recognition of the exploration potential of our holdings inthe Exploits Subzone in Newfoundland from these shareholders, and alsotheir endorsement of the Company and its management team. With 5 drillpermits in hand and a drill rig mobilizing shortly, Exploits ispositioned for discovery and delivering value to our shareholders.”
The proceeds from the Private Placement will be used for explorationon the Company’s properties, the acquisition of additionalproperties, marketing, and general working capital.
All securities to be issued pursuant to the Private Placement will besubject to a four month hold period from the closing date underapplicable securities laws in Canada.
The securities being offered under the Private Placement have notbeen, nor will they be registered under the United States SecuritiesAct of 1933, as amended, or state securities laws and may not beoffered or sold within the United States or to, or for the account orbenefit of, U.S. persons absent U.S. federal and state registration oran applicable exemption from the U.S. registration requirements. Thisrelease does not constitute an offer for sale of securities in theUnited States.
About Exploits Discovery Corp.
Exploits Discovery is a Canadian mineral explorationcompany focused on the acquisition and development of mineral projectsin Newfoundland, Canada. All projects within Exploits’ portfolio liewithin the Exploits Subzone. The Company currently holds theJonathan's Pond, Dog Bay, Mt. Peyton, Middle Ridge, True Grit, GreatBend and Gazeebow projects which cumulatively cover an area ofapproximately 2,115 square kilometres.
The Company believes that the Exploits Subzone, which runs 200 km fromDog Bay southwest to Bay d'Espoir, has been neglected since the lastmajor exploration campaigns in the 1980s. The last 40 years have seenincremental advancements in the understanding of gold mineralizationin the camp. The sum of this knowledge is now coming together indiscrete and effective exploration models that have delivereddiscovery such as New Found Gold's 2019 discovery drill interval of92.9 g/t Au over 19.0 metres near surface. The Exploits Subzone andGRUB regions have been the focus of major staking and financingthroughout 2020, with increased exploration activities forecasted inthe area moving into 2021.
The team at Exploits, with significant local experience and knowledge,have studied the entirety of the Exploits Subzone and pickedindividual land packages for staking or joint venture where there isan opportunity for world class discoveries and mine development.Exploits intends to leverage its local team and the larger shift inunderstanding and become one of the most extensive explorers in theExploits Subzone.
ON BEHALF OF THE BOARD
/s/ "Michael Collins "
President and CEO
For further information, pleasecontact:
Michael Collins, CEO
Tel: ( 778 ) 819 -270 8
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-lookingstatements are made as of the date hereof and the Company does notassume any obligation to update or revise them to reflect new eventsor circumstances save as required by applicable law.
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