Prismo Metals Announces Closing of Upsized Private Placement

Executive Summary

• Prismo Metals upsized its non‑brokered private placement from 12.5 M to 17.45 M Units, raising $1,745,000 at $0.10 per Unit.
• The company amended the warrant component of each Unit: each Unit now includes one full common share purchase warrant (instead of a half‑warrant) with a 36‑month term and no acceleration clause.
• Net proceeds are earmarked primarily for drilling at the Silver King project and general corporate purposes; additional subscriptions of roughly $125,000 are expected in the coming days.

Key Details

• Issue Price: $0.10 per Unit (each Unit = 1 common share + 1 full warrant).
• Units Issued: 17,450,000 Units (up from 12,500,000).
• Gross Proceeds: $1,745,000.
• Warrant Terms (Amended):
• Exercise price: $0.175 per share.
• Term: 36 months from issuance.
• No acceleration clause (previously triggered if CSE price ≥ $0.25 for ten consecutive days).
• Use of Proceeds: Primarily drilling at the Silver King project; remainder for general corporate purposes, with flexibility to reallocate as needed.
• Additional Subscriptions Expected: Approximately $125,000 in forthcoming commitments.
• Finder’s Warrants Issued: 919,960 warrants (exercisable at $0.10 per share for 24 months).
• Finder Fees Paid: $92,398 in commissions + $15,000 cash fee to financial advisor.
• Hold Period: All securities subject to a four‑month hold period under Canadian securities law.
• Related‑Party Transaction: 303,275 Units issued to “interested parties” (related parties) exempt from formal valuation/minority approval under MI 61‑101 because the transaction is <25% of market cap.
• Regulatory Note: No material change report filed >21 days before closing due to late finalization; expedited closing justified for business reasons.

Notable Quotes

(No direct quotes were provided in the release.)