Eric Sprott Takes 9.8% Stake In Exploits Discovery

Exploits Discovery (CSE: NFLD) this morning announced that it will be conducting a private placement. The financing will see gross proceeds of $4.1 million raised, with the entire placement to be taken down by mining financier Eric Sprott.

The financing will see units of the company sold at a price of $0.50 per each, with each unit containing one common share and one common share purchase warrant. Each warrant is valid for a period of 24 months from the date of issuance, and contains an exercise price of $0.67 per share. A total of 8.2 million units are to be issued under the offering.

Following the close of the financing, Sprott will hold a 9.81% stake in the firm on a non-diluted basis, while on a fully diluted basis that ownership will increase to 14.45%.

Proceeds from the financing are to be used for exploration, the acquisition of additional properties, marketing, and general working capital.

Exploits Discovery last traded at $0.58 on the CSE.


FULL DISCLOSURE: Exploits Discovery Corp is a client of Canacom Group, the parent company of The Deep Dive. The company has been compensated to cover Exploits Discovery Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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