Mariner Resources (CSE: RNR) has completed the previously announced acquisition of Exploits Gold Corp as of this morning. As a result, the company has changed its name to that of Exploits Discovery Corp (CSE: NFLD), along with its stock ticker. The changes are effective as of the open this morning.
Exploits Discovery Corp holds strategic land positions in that of Newfoundland, along the full length of the exploits subzone. The firms core land holdings consist of the Mount Peyton and Jonathan’s pond projects, which are located just two and twenty five miles from that of New Found golds (TSXV: NFG) Queensway project.
Following the acquisition, the company is now the largest land tenure holder in the province, with 1,760 square kilometres of potential exploration ground in Newfoundland. The Mt Peyton and Jonathan’s Pond projects make up just 234.75 square kilometres of this total land mass. The latter of which features visible gold bearing quartz veins, with grab samples from outcrop assaying as high as 28.82 g/t gold. The former meanwhile features float grab samples of up to 25.8 g/t gold.
Exploits was acquired by Mariner in an all-share transaction via the issuance of 18,910,752 common shares of the issuer. The shares are subject to lockup provisions, with one third of the shares issued unlocking on each of March 18, 2021, September 18, 2021 and March 18, 2022.
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Following the transaction, Crest Resources (CSE: CRES) is a majority holder of Exploits Gold, with control of 13,602,500 common shares of the issuer, or 31.26% of the issued shares.
A concurrent $3.5 million financing that was previously announced is expected to close on September 25, 2020.
Exploits Discovery Corp last traded at $0.59 on the CSE.
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