Exploits Discovery Corp (CSE: NFLD) yesterday evening announced that it will be conducting a non-brokered private placement. The company is looking to raise gross proceeds of $4.0 million from the sale of units and flow through common shares.
Each unit is priced at $0.45, with each unit containing one common and one common share purchase warrant. Each warrant is valid for a period of two years from the date of issue, with an exercise price of $0.67 per common share. Flow through shares meanwhile will be sold at a price of $0.49 per flow through share.
It is currently expected that 3.3 million units and 5.1 million flow through shares will be sold under the offering.
An acceleration clause is also applicable to the warrants issued in connection with the offering, with the company able to accelerate the expiry date of the warrant in the event the equity trades above $1.00 for twenty consecutive trading days. The acceleration clause can only go into effective six months post-closing or later.
Proceeds from the offering will be used for exploration of the firms properties, the acquisition of additional properties, marketing, and general working capital.
Exploits Discovery last traded at $0.465 on the CSE.
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