Prosper Gold Corp. (TSX-V:PGX) announces that it has completed a non-brokered private placement of 20,000,000 units of the Company at a price of $0.05 per Unit for gross proceeds to the Company of $1 million.
Each Unit consists of one common share of the Company and one common share purchase warrant. Each Warrant entitles the holder to acquire one common share of the Company at a price of $0.08 until the date that is 24 months following completion of the Offering.
In the event that Prosper Gold’s common shares trade at a closing price on the TSX Venture Exchange of greater than $0.15 per common share for a period of 20 consecutive trading days at any time after the closing date of the Offering, Prosper Gold may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by Prosper Gold.
In connection with the Private Placement and in accordance with the policies of the TSX-V, finder’s fees totaling approximately $24,000 in cash were paid and 480,000 common share purchase warrants were issued. Each Finder Warrant is non-transferable and exercisable for one Common Share for a period of 24 months following closing of the Offering at an exercise price equal to $0.08. The Finder Warrants terms contain the same Acceleration Trigger as the Warrants.
Prosper Gold expects to use the net proceeds from the Private Placement to fund exploration activities and for working capital and general corporate purposes.
All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period in accordance with applicable securities laws. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and were not permitted to be offered or sold within the United States absent registration or an applicable exemption from the registration requirements of such Act.
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We acknowledge the [financial] support of the Government of Canada.