The Conversation (0)
Further to the press release of Exploits Discovery Corp. ("Exploits"), dated today, Eric Sprott announces that 2176423 Ontario Ltd., a company which he beneficially owns, has entered into a voting and support agreement (the "Voting Agreement") with New Found Gold Corp. ("NFG"), in connection with NFG's agreement to acquire all of Exploits' mineral claims in central Newfoundland pursuant to the terms and conditions of a definitive property purchase agreement (the "Purchase Agreement") dated September 7, 2025 between Exploits and NFG (the "Proposed Transaction").
Pursuant to the Purchase Agreement, as consideration for the sale, Exploits will receive (i) an aggregate of 2,821,556 common shares of NFG, valued at C$7 million, which is based on the 20-day volume weighted average trading price of the NFG common shares as of the date of the Purchase Agreement; and (ii) a 1.0% net smelter returns royalty on the Bullseye and Gazeebow (North and South) claims and Exploits' claim block west of Keats West.
Pursuant to the Voting Agreement, Mr. Sprott, through 2176423 Ontario has agreed to vote all of his Exploits common shares in favour of the Proposed Transaction at any special meeting of shareholders held for the purpose of approving the Proposed Transaction.
Mr. Sprott, through 2176423 Ontario holds 25,154,070 Exploits common shares representing approximately 13.6% of the outstanding common shares.
Mr. Sprott holds the common shares for investment purposes and to support the Proposed Transaction and, depending on market or other conditions, may acquire additional securities of Exploits. If the Proposed Transaction does not proceed and/or the Voting Agreement is terminated, Mr. Sprott may acquire additional securities of Exploits including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Exploits is located at 52 Church Street, Toronto, ON M5C 2B5. A copy of 2176423 Ontario's early warning report will appear on Exploits Discovery's profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 1106 - 7 King Street East, Toronto, Ontario M5C 3C5).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265570
