Exploits Discovery Corp. (CSE: NFLD) has completed a non-brokered private placement for gross proceeds of C$4,420,143.
The company issued 16,370,899 flow-through common shares (FT shares) at a price of C$0.27 per FT share. The capital will be used to incur eligible “Canadian exploration expenses” that are “flow-through mining expenditures” (as such term is defined in the Income Tax Act (Canada)) related to the company’s mining projects.
President and CEO, Jeff Swinoga, said, “We wish to thank Eric Sprott and our investors for their support as these additional funds will be dedicated immediately to key exploration work and drilling programmes at our new Bullseye claim.
“Bullseye is a tremendous opportunity for Exploits since it is on the Appleton Fault with a significant number of high-grade gold discoveries in close proximity to its borders.
“Bullseye will be the principal focus of the company’s upcoming exploration activities over the next six months, and we believe it could be a game-changing catalyst for our company as well as the gold mining industry in central Newfoundland.”
Mr Sprott acquired 3,703,703 FT shares pursuant to the private placement for aggregated consideration of C$999,999.80. As a result of the acquisition, Mr Sprott beneficially owns and controls 25,154,070 Shares and 14,666,667 warrants representing approximately 18.7% of the issued and outstanding shares of the company on a non-diluted basis, and approximately 26.7% of the issued and outstanding shares of the company on a partially diluted basis assuming exercise of such warrants.
About Exploits Discovery
Exploits is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland and Labrador, Canada. The company is actively exploring its gold projects in the Exploits Subzone, covering approximately 2,000km2 of mineral tenements.
The company’s Exploration 2.0 methodology is focused on discovering high-grade structurally hosted epizonal gold similar to New Found Gold’s (TSXV: NFG) success at the Keats and Lotto Zones in the Appleton zone. Exploits is leveraging its local team and geologic understanding to become one of the most extensive explorers in the Exploits Subzone.
To find out more, visit: https://exploitsdiscovery.com/
