Prime Mining Corp. (TSX-V: PRYM) (OTCQB: PRMNF) (Frankfurt: A2PRDW) is pleased to announce the completion of an offering of 20,000,000 units of the Company at a price of C$0.50 per Unit for gross proceeds of C$10,000,000.  Each Unit consists of one common share of the Company and one common share purchase warrant exercisable at a price of C$1.10 until June 12, 2025.

Clarus Securities Inc. and Desjardins Securities Inc. acted as co-lead agents in connection with completion of the Offering.  The proceeds raised from the Offering will be used by the Company for exploration and development of the Company’s Los Reyes gold and silver property and for general corporate purposes. On April 2, 2020, the Company announced a measured and indicated in-pit oxide mineral resource for the Property of 19.8 million tonnes containing 633,000 gold ounces at 1.0 gram per tonne and 16,604,000 silver ounces at 26.2 grams per tonne.

The Company also announces it has engaged an arms-length financial advisory firm to assist the Company in various strategic and capital markets initiatives.  The Advisor has been engaged for an initial term of twenty-four months.  In connection with the engagement, the Advisor has received a one-time fee of 1,200,000 Warrants.

All securities issued in connection with the Offering, and to the Advisor, are subject to a statutory hold period in accordance with applicable Canadian securities law until October 13, 2020.  The Offering included subscriptions from directors and officers of the Company for an aggregate of 2,620,000 Units.  The issuance of Units to directors and officers of the Company, pursuant to the Offering, are considered related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.  The Company relied upon exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of insider participation, as neither the fair market value of, nor the fair market value of the consideration for, the Offering, insofar as it involves directors and officers of the Company, exceed twenty-five percent of the market capitalization of the Company.

About Prime Mining Corp.

Prime Mining is an ideal mix of successful capital markets and mining executives and experienced local exploration personnel who are expanding the exploration initiative at the historically productive Los Reyes project in Sinaloa, Mexico. Los Reyes holds substantial resource upside based on open extensions of known resources, ten kilometres of undrilled strike length and at least eight additional exploration targets. Prime Mining has a well-planned capital structure with significant team and insider ownership.