(TheNewswire)
Vancouver, British Columbia - TheNewswire - May 14, 2021 - ExploitsDiscovery Corp. (“Exploits” or the “Company”) (CSE:NFLD)(OTC:NFLDF) (FSE:634-FF) (CNSX:NFLDF.CN) announces that, furtherto its news release of May 12, 2021, it has closed its non-brokeredprivate placement with Mr. Eric Sprott and New Found Gold Corp. (TSXV:NFG) (“New Found”) raising $8,000,000 by the issuance of13,333,334 units (the “Units”) at a price of $0.60 per Unit (the“Private Placement”). Each Unit consists of one common share(“Common Share”) and one common share purchase warrant(“Warrant”). Each Warrant entitles the holder to acquire oneCommon Share at an exercise price of $0.70 for a period of 24 monthsexpiring May 14, 2023. The securities are subject to a four month holdperiod expiring September 15, 2021. The proceeds from the PrivatePlacement will be used for exploration on the Company’s properties,the acquisition of additional properties, marketing, and generalworking capital.
New Found acquired 6,666,667 Units under the PrivatePlacement for total consideration of $4,000,000. Prior to theFinancing, New Found beneficially owned and controlled 6,562,799Common Shares. As a result of the Private Placement, New Foundbeneficially owns and controls 13,229,466 Common Shares of the Companyand 6,666,667 Warrants representing approximately 13.6% of the issuedand outstanding Common Shares of the Company on a non-diluted basisand approximately 19.2% on a fully diluted basis assuming exercise ofthe Warrants.
The Units were acquired by New Found for investmentpurposes. New Found has a long-term view of the investment and mayacquire additional securities of the Company including on the openmarket or through private acquisitions or sell securities of theCompany including on the open market or through private dispositionsin the future depending on market conditions, reformulation of plansand/or other factors that New Found considers relevant from time totime.
A copy of New Found’s early warning report willappear on New Found’s profile on SEDAR and may also be obtained bycalling New Found’s office at (604) 562-9664 800 West Pender StreetSuite 1430 Vancouver, BC V6C 2V61).
Mr. Eric Sprott, through 2176423 Ontario Ltd., acorporation which is beneficially owned by him, acquired 6,666,667Units under the Private Placement for total consideration of$4,000,000. Prior to the Financing, Mr. Sprott beneficially ownedand controlled 8,000,000 Common Shares and 8,000,000 Warrants. Asa result of the Private Placement, Mr. Sprott beneficially owns andcontrols 14,666,667 Common Shares of the Company and 14,666,667Warrants representing approximately 15.1% of the issued andoutstanding Common Shares of the Company on a non-diluted basis andapproximately 26.3% on a fully diluted basis assuming exercise of theWarrants.
The Units were acquired by Mr. Sprott for investmentpurposes. Mr. Sprott has a long-term view of the investment and mayacquire additional securities of the Company including on the openmarket or through private acquisitions or sell securities of theCompany including on the open market or through private dispositionsin the future depending on market conditions, reformulation of plansand/or other factors that Mr. Sprott considers relevant from time totime.
A copy of Sprott's early warning report will appearon Exploit's profile on SEDAR and may also be obtained by callingMr. Sprott’s office at (416) 945-3294 (200 Bay Street, Suite 2600,Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
Michael Collins, President, CEO & Director stated“With the close of this funding Exploits will be able to expandit’s drill plans. Geophysics and modeling to improve targeting andoptimize our exploration program. With 5 drill permits in hand and adrill rig mobilizing shortly, Exploits is positioned for discovery anddelivering value to our shareholders.”
The securities being offered under the PrivatePlacement have not been, nor will they be registered under the UnitedStates Securities Act of 1933, as amended, or state securities lawsand may not be offered or sold within the United States or to, or forthe account or benefit of, U.S. persons absent U.S. federal and stateregistration or an applicable exemption from the U.S. registrationrequirements. This release does not constitute an offer for sale ofsecurities in the United 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 of over2,000 square kilometres.
The Company believes that the Exploits Subzone, whichruns 200 km from Dog Bay southwest to Bay d'Espoir, has been neglectedsince the last major exploration campaigns in the 1980s. The last 40years have seen incremental advancements in the understanding of goldmineralization in the camp. The sum of this knowledge is now comingtogether in discrete and effective exploration models that havedelivered discovery such as New Found Gold's 2019 discovery drillinterval of 92.9 g/t Au over 19.0 metres near surface. The ExploitsSubzone and GRUB regions have been the focus of major staking andfinancing throughout 2020, with increased exploration activitiesforecasted in the area moving into 2021.
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: ( 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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