CALGARY, Dec. 7, 2017 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (TSXV:PRZ) (OTCQB:PRZFF) (MQSP:GR:FRANKFURT) announced that, further to its news release date November 23, 2017, it has closed the acquisition of Scion Mines S.A. de C.V. ("Scion.") (the "Acquisition") and now indirectly owns a 100% interest in the Manto Negro Copper Project.
Description of the Transaction
Pursuant to a share purchase agreement dated November 22, 2017, Prize purchased all of the issued and outstanding shares of Scion in consideration of the issuance by Prize of 6,000,000 common shares in the share capital of Prize ("Acquisition Shares"), at a deemed price of $0.28 for an aggregate deemed value of $1,680,000. The Acquisition Shares are subject to contractual resale restrictions. These restrictions expire in respect of 10% of the Shares on the closing date and in respect of an additional 15% of the Acquisition Shares on each of the 6, 12, 18, 24, 30, and 36 month anniversaries of the closing date.
Scion owns a 100% interest in the Manto Negro Copper Project which consists of seven mining concessions covering a total of 17,959 hectares and is located in the State of Coahuilla approximately 315 km northwest of Monterrey, Mexico and 100 km west of Monclova. For additional information regarding the Manto Negro Copper Project please refer to the Company's news release of November 23, 2017, a copy of which is available on the Company's SEDAR profile at www.sedar.com.
Following completion of the Acquisition, Prize has an aggregate of 57,116,868 Shares issued and outstanding.
The Acquisition remains subject to the final acceptance of the TSX Venture Exchange.
About Prize Mining Corporation.
Prize is a Calgary-based junior mining issuer with offices in Calgary, Alta., and is listed on the TSX Venture Exchange. Prize is engaged in the acquisition, exploration and development of mining properties. Find out more at: www.prizemining.com.
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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.
SOURCE Prize Mining Corporation
For further information: please contact Walter Spagnuolo, Investor Relations by telephone at 403.236.2222 or email at [email protected]