Exploits Announces DTC Eligibility of its Common Shares Trading in the United States and Amends Terms of Flow Through Offering
Vancouver, March 1, 2021 - Exploits Discovery Corp. ("Exploits" or the "Company") (CNSX:NFLD.CN) (OTC:RNRRF) (FSE:634-FF) is pleased to announce that the Company's common shares are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the United States. The Company's common shares are traded on the OTCQB under the symbol "RNRRF". DTC is a subsidiary of the Depository Trust and Clearing Corporation, a United States company that manages the electronic clearing and settlement of publicly traded companies. DTC services reduces costs and accelerates the settlement process for investors and brokers trading Canadian securities in the United States. The majority of United States securities trading companies rely on DTC for their stock clearing and settlement services.
Michael Collins, President and CEO of Exploits commented, "DTC eligibility is a large step forward for Exploits, reducing friction for US investors as we work to increase liquidity, broaden our shareholder base and build a strong presence for the Company in the US capital markets."
The Company also announces that, further to its news release dated February 25, 2021, it has amended the terms of its Offering to include the issuance of up to 5,102,040 flow through units (the "FT Units") at a price of $0.49 per FT Unit. The FT Units will replace the previously stated 5,102,040 flow through common shares (the "Flow Through Shares"). Each FT Unit will be comprised of one flow through common share and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one non-flow through common share of the Company at a price of $0.67 per share for a period of two years from the closing of the Offering. If the closing price of the common shares of the Company is higher than $1.00 for a period of 20 consecutive trading days at any time after six months following the closing date, the Company can accelerate the expiry date of the Warrants 30 days after the Company gives notice of such acceleration.
The Company will continue to issue up to 3,333,333 non-flow through units at a price of $0.45 per unit.
Exploits has engaged Canaccord Genuity Corp. to act as its financial advisor for the Offering. Stock issued through this financing will be subject to a hold period of four months and a day. Finder's fees may be payable by Exploits in connection with the Offering.
All other terms of the Offering set out in the Company's February 25, 2021 news release remain the same.
About Exploits Discovery Corp.
Exploits Discovery is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. The Company currently holds the Jonathan's Pond, Dog Bay, Mt. Peyton, Middle Ridge, True Grit, Great Bend and Gazeebow projects which cumulatively cover an area of approximately 2,111 square kilometres.
All projects within Exploits' portfolio lie within the Exploits Subzone.
Exploits believes that the Exploits Subzone, which runs 200 km from Dog Bay southwest to Bay d'Espoir, has been neglected since the last major exploration campaigns in the 1980s. The last 40 years have seen incremental advancements in the understanding of gold mineralization in the camp. The sum of this knowledge is now coming together in discrete and effective exploration models that have delivered discovery such as New Found Gold's 2019 discovery of 92.86 g/t Au over 19.0 metres near surface. The Exploits Subzone and GRUB regions have been the focus of major staking and financing throughout 2020, with increased exploration activities forecasted in the area moving into 2021.
The team at Exploits, with significant local experience and knowledge, have studied the entirety of the Exploits Subzone and picked individual land packages for staking or joint venture where there is an opportunity for world class discoveries and mine development. Exploits intends to leverage its local team and the larger shift in understanding and become one of the most extensive explorers in the Exploits Subzone.
ON BEHALF OF THE BOARD
/s/ "Michael Collins "
President and CEO
For further information, please contact:
Michael Collins, CEO
Tel: (604) 681-3170
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