Prince Silver Closes Upsized $4.75 Million Private Placement

Executive Summary

• Prince Silver Corp. closed an upsized private placement raising $4,750,000 in gross proceeds.
• The offering consisted of 6,785,713 units at $0.70 per unit, each unit containing one common share and half a warrant (full warrant exercisable at $1.00).
• Proceeds will fund the second phase of reverse‑circulation drilling, completion of a maiden 43‑101 resource estimate, metallurgical work, and general working capital.

Key Details

• Units Issued: 6,785,713 units @ $0.70 per unit → $4,750,000 gross proceeds.
• Unit Composition: 1 common share + ½ of a common‑share purchase warrant (full warrant = right to buy one share at $1.00).
• Warrant Terms: Exercise price $1.00; term two years from issuance; acceleration clause if the closing price ≥ $1.40 for 10 consecutive trading days, allowing expiry to be moved to no earlier than 30 days after notice.
• Statutory Hold Period: All securities subject to a four‑month‑plus‑one‑day hold period under applicable securities laws.
• Use of Proceeds:
• Advance second phase of reverse‑circulation exploration and infill drilling at the Prince Silver Project.
• Complete maiden mineral resource estimate (43‑101 compliant).
• Conduct ongoing metallurgical work.
• General working capital.
• Treasury Position: Post‑closing treasury exceeds $8 million, providing full funding for the outlined activities.
• Management Comment: CEO/Direc­tor Derek Iwanaka stated the upsized financing places the company in a “very strong position” and reflects confidence from founders and insiders.

Notable Quotes

“This upsized financing places Prince in a very strong position. With a treasury of over $8 million, we are now fully funded for a second phase of reverse circulation exploration and infill drilling this year, while also advancing toward a maiden mineral resource estimate and ongoing metallurgical work.” – Derek Iwanaka, CEO & Director

Materiality Assessment: Material – Positive (significant financing that materially enhances the company’s ability to fund key exploration milestones).