Exploits Announces Non-Brokered Private Placement of up to $1 Million of Flow-Through Shares

Rhea-AI Summary

Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) has announced a non-brokered private placement of up to 12,500,000 flow-through common shares at $0.08 per share, aiming to raise up to $1 million. The funds will be used for eligible Canadian exploration expenses that qualify as flow-through mining expenditures for the company's mining projects. The offering is subject to regulatory approvals, and securities will have a four-month-and-one-day hold period. Finder's fees may be payable, and the shares will not be registered under the U.S. Securities Act, limiting their sale within the United States.

Positive

• Potential to raise up to $1 million in funding
• Funds to be used for eligible Canadian exploration expenses
• Flow-through shares may provide tax benefits to investors

Negative

• Potential dilution of existing shareholders
• Uncertainty of completing the full $1 million offering
• Four-month-and-one-day hold period may limit short-term liquidity for new investors

Toronto, Ontario--(Newsfile Corp. - September 9, 2024) - Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) (FSE: 634) ("Exploits" or the "Company") is pleased to announce a non-brokered private placement (the "Offering") of up to 12,500,000 flow-through common shares ("FT Shares") at a price of $0.08 per FT Share for gross proceeds of up to $1 million. 

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.

Finder's fees may be payable in accordance with the policies of the Canadian Securities Exchange and all securities issued under the Offering will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.  Completion of the Offering remains subject to any required regulatory approvals.

The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.

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. Exploits is utilizing its experienced, talented local team and geologic understanding with the vision to become one of the most successful explorers in Canada.

On Behalf of the Board

/s/ "Jeff Swinoga"
President and CEO

For more information, please contact:

Shanda Kilborn
VP, Corporate Development & Investor Relations
+1 (778) 819-2708
shanda@exploits.gold
https://exploitsdiscovery.com

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.

Not for distribution to United States Newswire Services or for dissemination in the United States

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222599

FAQ

What is the price per share for Exploits Discovery Corp's (NFLDF) private placement?

Exploits Discovery Corp. (NFLDF) is offering flow-through common shares at a price of $0.08 per share in its non-brokered private placement.

How much funding is Exploits Discovery Corp (NFLDF) aiming to raise through this private placement?

Exploits Discovery Corp (NFLDF) is aiming to raise up to $1 million through this non-brokered private placement of flow-through shares.

What will Exploits Discovery Corp (NFLDF) use the proceeds from the private placement for?

The proceeds will be used to incur eligible Canadian exploration expenses (CEE) that qualify as flow-through mining expenditures related to the company's mining projects.

How long is the hold period for the securities issued in Exploits Discovery Corp's (NFLDF) private placement?

The securities issued in Exploits Discovery Corp's (NFLDF) private placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.