Vancouver, British Columbia – March 15, 2021 – Exploits Discovery Corp. (“Exploits” or the “Company”) (CSE: NFLD) (OTCQB: RNRRF) (FSE: 634-FF) is pleased to announce that it has closed the first tranche of its non-brokered private placement announced on February 25th and 26th, 2021. The Company raised a total of $2,896,785 through the issuance of 1,353,744 units (the “NFT Units”) at a price of $0.45 per NFT Unit and 4,668,571 flow through units (the “FT Units”) at a price of $0.49 per FT Unit. Each NFT Unit is comprised of one common share and one share purchase warrant. Each FT Unit is comprised of one flow through common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.67 per share for a period of two years expiring March 15, 2023. If the closing price of the common shares of the Company is higher than $1.00 for a period of 20 consecutive trading days at any time after six months following the closing date, the Company can accelerate the expiry date of the warrants 30 days after the Company gives notice of such acceleration.
The Company paid $172,261.96 and issued 354,252 finder warrants. The finder warrants are priced at $0.67 for a period of two years expiring March 15, 2023.
All securities issued are subject to a four month hold period expiring July 16, 2021.
The proceeds from the NFT Units will be used for exploration on the Company’s properties, acquisition of additional properties, marketing and general working capital. The proceeds from the sale of the FT Units will be used to incur qualifying expenditures on the Company’s properties.
About Exploits Discovery Corp.
Exploits Discovery is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. The Company currently holds the Jonathan’s Pond, Dog Bay, Mt. Peyton, Middle Ridge, True Grit, Great Bend and Gazeebow projects which cumulatively cover an area of approximately 2,111 square kilometres.
All projects within Exploits’ portfolio lie within the Exploits Subzone.
Exploits believes that the Exploits Subzone, which runs 200 km from Dog Bay southwest to Bay d’Espoir, has been neglected since the last major exploration campaigns in the 1980s. The last 40 years have seen incremental advancements in the understanding of gold mineralization in the camp. The sum of this knowledge is now coming together in discrete and effective exploration models that have delivered discovery such as New Found Gold’s 2019 discovery of 92.86 g/t Au over 19.0 metres near surface. The Exploits Subzone and GRUB regions have been the focus of major staking and financing throughout 2020, with increased exploration activities forecasted in the area moving into 2021.
The team at Exploits, with significant local experience and knowledge, have studied the entirety of the Exploits Subzone and picked individual land packages for staking or joint venture where there is an opportunity for world class discoveries and mine development. Exploits intends to leverage its local team and the larger shift in understanding and become one of the most extensive explorers in the Exploits Subzone.
ON BEHALF OF THE BOARD
/s/ “Michael Collins ”
President and CEO
For further information, please contact:
Michael Collins, CEO
Tel: (604) 681-3170
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.