RE:NFG Closes NFLD Share Purchase
AlwaysLong683 wrote: 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).
Many people can't understand why NFG, Palisades, Eric Sprott and Quinton Hennigh (Novo) are investing so heavily in the juniors surrounding this monster high grade gold discovery. I hear comments like if NFG got so much gold on their property why are they wasting money on these other guys when they should just concentrate on what they have. Well first off these guys are the best at what they do. This isn't their first rodeo. They know there will be many more high grade gold discoveries right up through this trend and yes beyond NFG's boundaries. Mother Nature didn't stop producing gold right at NFG's border. So by getting control over more ground you increase your chances of success and it makes the entire region more attractive to a possible suitor like a Barrick Gold or Newmont.
And if you take careful observation these guys are building an empire and the first step is getting controlling interest in as much ground as possible. If you add up the total percentage of each of these companies that Palisades, Eric Sprott and NFG own you will see a trend. It's all about maintaining controlling interest. This discovery is bigger and better than most people realize. Still early days in the discovery phase. Not even a full year of drilling yet by NFG on the Queensway property. Enjoy the ride!!!