Exploits Closes First Tranche of Non-Brokered Private Placement of Flow-Through Shares

Rhea-AI Summary

Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) (FSE: 634) announces completion of the first tranche of a non-brokered private placement, raising $1,799,996 for Canadian exploration expenses. The Company issued 16,363,600 flow-through common shares at $0.11 per share. Finders fees of $107,999.76 were paid to eligible finders. The FT Shares are subject to a hold period until March 9, 2024.

Toronto, Ontario--(Newsfile Corp. - November 8, 2023) - Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) (FSE: 634) ("Exploits" or the "Company") is pleased to announce that it has completed the first tranche of a non-brokered private placement (the "Offering") for gross proceeds of $1,799,996.

In connection with closing of the first tranche, the Company issued 16,363,600 flow-through common shares (each, an "FT Share") at a price of $0.11 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.

The Company paid finders fees in the amount of $107,999.76 to eligible finders who assisted in introducing subscribers to the first tranche of the Offering. All FT Shares issued under the Offering are subject to a hold period until March 9, 2024, in accordance with applicable securities legislation and the policies of the Canadian Securities Exchange.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

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 focused on discovering high-grade structurally hosted epizonal gold similar to New Found Gold's success along the Appleton Fault zone and parallel structures within the Exploits Subzone.

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, Investor Relations
+1 (778) 819-2708
investors@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.

Forward-Looking Statements

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.sedarplus.ca. 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.

Acknowledgments

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186714

FAQ

What is the purpose of Exploits Discovery Corp.'s private placement?

The private placement aims to raise funds for Canadian exploration expenses.

How many flow-through common shares were issued by Exploits Discovery Corp.?

Exploits Discovery Corp. issued 16,363,600 flow-through common shares.

What is the hold period for the FT Shares issued?

The FT Shares issued are subject to a hold period until March 9, 2024.