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VANCOUVER, British Columbia, Dec. 1, 2022 (GLOBE NEWSWIRE) — Prime Mining Corp. (“Prime” or the “Company”) ((TSX.V: PRYM, OTCQB:PRMNFFrankfurt: A2PRDW)) is pleased to announce that it has entered into an agreement with Desjardins Capital Markets to act as sole lead booker and co-lead on behalf of a consortium of underwriters co-led by Desjardins Capital Markets and TD Securities Inc. (the “Co-leads underwriter” and together the “insurer“), whereby the underwriters have agreed to sell 11,000,000 units (the “units“) at a price of $1.50 per unit for gross proceeds of approximately $16,500,000 (the “offer“). Each unit consists of one common share of the Company (each a “common share“) and a warrant to purchase one common share (each a “warranty“). Each Warrant is exercisable for one Common Share at an exercise price of $2.00 for a period of 36 months after the Closing Date (as defined below). If after the Closing Date the volume weighted average trading price of the Shares on the TSX Venture Exchange ( “TSXV“) equals or exceeds $2.50 for 10 consecutive trading days, the Company may, upon written notice to warrant holders, advance the expiration date of the warrants to a date which is 20 days after the date of such written notice.
The net proceeds of the Offering will be used by the Company for the exploration and development of the Company’s Los Reyes gold-silver project and for general corporate purposes. Prime has also been informed that Pierre Lassonde intends to participate in the offering.
The underwriters have an option, which can be exercised at any time prior to 48 hours prior to the closing date, to purchase up to 15% of the number of units in addition…