Business
Exploits Discovery Closes $4.42 Million Non-Brokered Private Placement of Flow-Through Shares
Vancouver, British Columbia--(Newsfile Corp. - December 20, 2022) - Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) (FSE: 634) ("Exploits" or the "Company")
About this update from Epic Gold Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - December 20, 2022) - Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) (FSE: 634) (\"Exploits\" or the \"Company\") is pleased to announce that it has completed a non-brokered private placement (the \"Offering\") for gross proceeds of $4,420,143. The Company issued 16,370,899 flow-through common shares (each, an \"FT Share\") at a price of $0.27 per FT Share. The gross proceeds received by the Company from the Offering will be used to incur eligible \"Canadian exploration expenses\" (\"CEE\") 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, comments, \"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 programs 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 $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. Prior to the Acquisition, Mr. Sprott owned and controlled 21,450,367 Shares and 14,666,667 Warrants, representing approximately 18.1% of the issued and outstanding Shares on a non-diluted basis, and approximately 27.2% on a partially diluted basis assuming exercise of such Warrants. The FT Shares were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell the securitie...