Prince Silver increases financing to $4.75-million

Executive Summary

• Prince Silver Corp. has increased the size of its non-brokered private placement from $3 million to up to $4.75 million due to strong investor demand.
• The offering consists of units priced at $0.70 per unit, with proceeds designated for advancing drilling, completing a maiden mineral resource estimate, metallurgical work, and general working capital.
• Each unit includes one common share and one-half of one common share purchase warrant, exercisable at $1.00 for two years.

Key Details

• Transaction Size: Increased from $3 million to up to $4.75 million in gross proceeds.
• Unit Price: $0.70 per unit.
• Maximum Units: Up to 6,785,714 units may be issued.
• Warrant Terms: Each unit includes one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $1.00.
• Warrant Expiry: Two years from the date of issuance.
• Warrant Acceleration Clause: If the closing price of common shares is $1.40 or higher for 10 consecutive trading days, the company may accelerate the expiry date via news release, with warrants expiring 30 calendar days after such notice.
• Use of Proceeds: Advancing the next phase of drilling at the Prince silver project, completing a maiden mineral resource estimate, conducting continuing metallurgical work, and general working capital purposes.
• Hold Period: All securities are subject to a statutory hold period of four months and one day.
• Finder's Fees: May be paid in accordance with applicable securities laws and exchange policies.

Notable Quotes

• "The upsizing reflects continued support from existing shareholders and interest from new investors as the company advances the Prince silver project, located in the Pioche mining district, Nevada."