Exploits Announces Non-Brokered Charity Flow Through Financing with Strategic Investor and Flow Through Share Private Placement
Toronto, November 5, 2024 - Exploits Discovery Corp. (CSE: NFLD) (OTCQB: NFLDF) (FSE: 634) ("Exploits" or the "Company") is pleased to announce that it proposes to undertake an up to $346,154 non-brokered private placement of flow-through common shares of the Company (the "Charity FT Shares") at a price of $0.09 per Charity FT Share. Each Charity FT Share will qualify as a "flow-through share" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act")).
The Company also announces an additional non-brokered private placement with one investor for 2,000,000 flow through common shares ("FT Shares") at a price of $0.08 per FT Share for gross proceeds of $160,000.
The Company will use an amount equal to the gross proceeds received from the sale of the Charity FT Shares and the FT Shares to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Tax Act (the "Qualifying Expenditures") related to the Company's projects in Newfoundland and Labrador, Canada, on or before December 31, 2025, and will renounce all the Qualifying Expenditures in favour of the subscribers of the Charity FT Shares and FT Shares effective December 31, 2024.
Finder's fees may be payable in accordance with the policies of the Canadian Securities Exchange and all securities issued and sold under these financings will be subject to a four-month-and-one-day hold period under securities laws in Canada. The Company expects to complete Charity FT Share and FT Share financings on or before November 14, 2024.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
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.
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.
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/228899