PRIZE MINING CORPORATION (TSX-V: PRZ) (OTCQB: PRZFF) (MQSP:GR:FRANKFURT) is pleased to announce that the company has closed the first tranche of the recently announced (see press release on June 21, 2018) non-brokered private placement. The first tranche consists of a total of $6.5 million representing 43,333,333 Units at a price of $0.15 per Unit.
Each Unit consists of one common share of the Company and one-half of one non-transferable share purchase warrant, with each full Warrant entitling the holder thereof to acquire one Common Share at a price of $0.25 per Common Share for a period of twelve months following the closing of the Offering. In the event the closing price of the Common Shares on the TSX Venture Exchange exceeds $0.45 per share for 30 consecutive trading days (whether or not a trade occurs on one or more of such days) at any time, the Warrants will expire and terminate on the 30th day (including non-trading days) after the date on which notice thereof from the Company has been given to warrantholders. The Warrants issued in the Offering will not be listed for trading.
No finders’ fees were paid as part of this transaction. The securities issued will be subject to a standard four month hold period.
As previously described, the net proceeds of the Offering will be used by the Company for:
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any applicable securities laws of any state of the United States and may not be offered or sold in the United States, or to, or for the account or benefit of a U.S. person (as defined in Regulation S 2 under the 1933 Act) unless registered or pursuant to an available exemption from such registration requirements.
About Prize Mining
Prize is a junior mining issuer listed on the TSX Venture Exchange. Prize is focused on the exploration and development of the high grade Manto Negro Copper Property in Mexico and the Kena and Toughnut Gold Properties in BC.
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