Prince Silver closes $1.25-million private placement

Executive Summary

• Prince Silver Corp. has closed a non-brokered private placement, raising $1.25 million in gross proceeds.
• The company issued 3,125,000 units at $0.40 per unit, with each unit comprising one common share and one-half warrant exercisable at $0.60.
• Net proceeds will be primarily used to expand the reverse circulation drill program at the Prince silver project in Nevada from 6,500 meters to approximately 8,200 meters.

Key Details

• Gross Proceeds: $1.25 million.
• Units Issued: 3,125,000 units.
• Price Per Unit: $0.40 CAD.
• Warrant Terms: Each unit includes one-half common share purchase warrant. Each whole warrant is exercisable to acquire one common share at an exercise price of $0.60.
• Warrant Expiry: 12 months from the date of issuance.
• Finders' Fees: Aggregate cash fees of $16,695 paid to arm's-length subscribers, representing 7% of the proceeds.
• Hold Period: All securities are subject to a statutory hold period of four months and one day from the date of issuance.
• Use of Proceeds:
  • Expansion of the reverse circulation drill program at the 100%-owned Prince silver project in Nevada, increasing the planned program from 6,500 meters (20,000 feet) to approximately 8,200 meters (27,000 feet).
  • General corporate working capital purposes.
• Project Details: The Prince silver project is a near-surface deposit identified with historic drilling that is open in all directions. The company also holds interests in the Stampede Gap project (copper-gold-molybdenum porphyry system) and an option interest in the Broken Handle project.