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.

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