Vancouver, British Columbia – August 11, 2022 – Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) (FSE: 634) (the “Company”) is pleased to announce that, further to its news release of July 28, 2022, it has completed a non-brokered private placement (the “Offering”) for gross proceeds of $1,500,399.
The Company issued 8,335,550 flow-through common shares (each, an “FT Share”) at a price of $0.18 per FT Share. The gross proceeds 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.
The FT Shares issued pursuant to the Offering are subject to, among other things, a hold period of four months and one day in accordance with applicable securities legislation and the policies of the Canadian Securities Exchange.
President and CEO Jeff Swinoga commented, “We are well funded and eager to commence our 2022 drilling program under our new Exploration 2.0 methodology and continuing the vital exploration work to advance our key gold projects. We look forward to an exciting second half of 2022 as we continue to explore our large land package with the goal of becoming the next major exploration success in the Exploits Subzone, Central Newfoundland.”
About Exploits Discovery Corp.
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 projects in the Exploits Subzone, covering approximately 2,000 square kilometres of mineral tenements. The Company’s Exploration 2.0 Model is focused on discovering high-grade structurally hosted epizonal gold similar to New Found Gold’s 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.
ON BEHALF OF THE BOARD
/s/ “Jeff Swinoga”
President and CEO
For more information, please contact:
VP, Investor Relations
+1 (778) 819-2708
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.
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Exploits Discovery would like to acknowledge the financial support of the Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador.