Trading Symbol: PRS.H
VANCOUVER, Sept. 15, 2011 /CNW/ - Prism Resources Inc. (the "Company") (NEX: PRS.H) announces that Mr. James W. Tutton has resigned his
position as Chief Financial Officer and director of the Company. We
thank Mr. Tutton for his time and efforts and wish him every success in
The directors of the Company have appointed Mr. Ken Morgan as the
interim Chief Financial Officer and director of the Company. Mr. Morgan
is currently the CEO and a director of Strategem Capital Corporation.
He has served as a director or senior officer of various other public
companies for 16 years. Mr. Morgan is a Chartered Accountant, a
Certified Public Accountant and a Chartered Director.
The Company has been advised by Mr. Morgan that he has acquired,
effective September 15, 2011, a total of 937,333 common shares of the
Company at a price of $0.10 per share. These shares were acquired in
the public market.
As a result of the acquisition, Mr. Morgan now holds 937,333 common
shares of the Company representing approximately 12.1% of the issued
and outstanding common shares of the Company, as of the date hereof, on
a non-diluted basis.
An Early Warning Report respecting the acquisition has been filed on
SEDAR and can be viewed at www.sedar.com.
Mr. Morgan acquired the shares referred to above for investment purposes
only. The investments will be reviewed on a continual basis, and Mr.
Morgan's holdings may be increased or decreased in the future,
depending on economic or market conditions or matters relating to the
The Company is pleased to announce a non-brokered private placement of
up to 13,333,334 units (the "Units") at a price of $0.075 per Unit, for gross proceeds of up to $1.000,000
(the "Offering"). Each Unit consists of one common share and one common share
purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional
common share of the Company at a price of $0.10 per share for a period
of five years from the closing date of the Offering.
The Units will be made available by way of private placement exemptions
in Canada and may be offered in other jurisdictions where they can be
issued on a private placement basis, exempt from any prospectus,
registration or other similar requirements.
The Offering is subject to a number of conditions including receipt of
all necessary corporate and regulatory approvals, including approval of
the TSX Venture Exchange.
All securities issued in connection with the Offering will be subject to
a statutory hold period of four months plus a day from the date of
issuance in accordance with applicable securities law.
Assuming completion of the Offering, the net proceeds will be used for
asset acquisition investigations, acquisitions, mineral exploration and
for general working capital.
On behalf of the Board of Directors of Prism Resources Inc.
Scott M. Ross
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Statements contained in this news release that are not historical facts
constitute "forward-looking statements" or "forward-looking
information" within the meaning of applicable securities laws and are
based on expectations, estimates and projections as of the date of this
release. Forward-looking statements include, without limitation,
possible events and statements with respect to possible events. The
words "is expected" or "estimates" or variations of such words and
phrases or statements that certain actions, events or results "may" or
"could" occur and similar expressions identify forward-looking
statements. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable
by the Company as of the date of such statements, are inherently
subject to significant business, economic and competitive uncertainties
and contingencies. The estimates and assumptions of the Company
contained in this release which may prove to be incorrect, include, but
are not limited to the ability of the Company to secure financing on
the proposed terms and for the aggregate amount. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include, but
are not limited to: fluctuations in the spot and forward price of gold
or certain other commodities; changes in national and local government
legislation, taxation, controls, regulations and political or economic
developments in Canada, or other countries in which the Company may
carry on business in the future; business opportunities that may be
presented to, or pursued by, the Company; operating or technical
difficulties in connection with mining activities; the speculative
nature of gold exploration and development, including the risks of
obtaining necessary licenses and permits; diminishing quantities or
grades of reserves; and contests over title to properties, particularly
title to undeveloped properties. In addition, there are risks and
hazards associated with the business of gold exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion losses (and the risk of inadequate insurance, or the
inability to obtain insurance, to cover these risks). Many of these
uncertainties and contingencies can affect the Company's actual results
and could cause actual results to differ materially from those
expressed or implied in any forward-looking statements made by, or on
behalf of, the Company. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements are provided for the purpose of
providing information about management's expectations and plans
relating to the future. All of the forward-looking statements made in
this release are qualified by these cautionary statements and those
made in our other filings with the securities regulators in Canada.
These factors are not intended to represent a complete list of the
factors that could affect the Company. Although the Company believes
that the expectations in the forward-looking statements are reasonable,
actual results may vary, and future results, levels of activity,
performance or achievements cannot be guaranteed.
SOURCE Prism Resources Inc.
For further information:
Scott M. Ross
Prism Resources Inc.