NFG Closes NFLD Share Purchase
Looks like NFG is going to keep their options open re. any future involvement with NFLD.
Exploits Discovery Announces Closing of $8 Million Investment by Eric Sprott and New Found Gold
Vancouver, British Columbia - TheNewswire - May 14, 2021
Exploits Discovery Corp. (“Exploits” or the “Company”) (CSE:NFLD) (OTC:NFLDF) (FSE:634-FF) (CNSX:NFLDF.CN) announces that, further to its news release of May 12, 2021, it has closed its non-brokered private placement with Mr. Eric Sprott and New Found Gold Corp. (TSXV: NFG) (“New Found”) raising $8,000,000 by the issuance of 13,333,334 units (the “Units”) at a price of $0.60 per Unit (the “Private Placement”). Each Unit consists of one common share (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.70 for a period of 24 months expiring May 14, 2023. The securities are subject to a four month hold period expiring September 15, 2021. The proceeds from the Private Placement will be used for exploration on the Company’s properties, the acquisition of additional properties, marketing, and general working capital.
New Found acquired 6,666,667 Units under the Private Placement for total consideration of $4,000,000. Prior to the Financing, New Found beneficially owned and controlled 6,562,799 Common Shares. As a result of the Private Placement, New Found beneficially owns and controls 13,229,466 Common Shares of the Company and 6,666,667 Warrants representing approximately 13.6% of the issued and outstanding Common Shares of the Company on a non-diluted basis and approximately 19.2% on a fully diluted basis assuming exercise of the Warrants.
The Units were acquired by New Found for investment purposes. New Found has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other factors that New Found considers relevant from time to time.
A copy of New Found’s early warning report will appear on New Found’s profile on SEDAR and may also be obtained by calling New Found’s office at (604) 562-9664 800 West Pender Street Suite 1430 Vancouver, BC V6C 2V61).