Prince Silver closes $1.47M first tranche of financing

Executive Summary

• Prince Silver Corp. has closed the first tranche of its non-brokered private placement financing, raising gross proceeds of $1,475,040.
• The company issued 2,304,750 units at a price of $0.64 per unit, with each unit comprising one common share and one-half of one non-transferable warrant.
• Net proceeds will be used to expand the drill exploration program on the Prince Silver project in Nevada and for general corporate working capital.

Key Details

• Gross Proceeds: $1,475,040
• Units Issued: 2,304,750 units
• Price Per Unit: $0.64
• Security Structure: Each unit consists of one common share and one-half of one non-transferable common share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.95.
• Warrant Expiration: 18 months from the date of issuance.
• Hold Period: Four months and one day from the date of issuance for all securities issued.
• Finders' Fees: $47,241.60 paid to arm's-length finders.
• Use of Proceeds: Expansion of the current drill exploration program on the 100%-controlled Prince Silver project (Nevada, USA) and general corporate working capital.
• Project Context: The Prince Silver project features a known deposit identified with historic drilling that is open in all directions and near surface. The company also holds interest in the Stampede Gap project (copper-gold-molybdenum porphyry system) located ~15 km northwest.

Notable Quotes

• None provided in the text.