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CALGARY, Dec. 13, 2017 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (TSXV:PRZ) (OTCQB: PRZFF) (MQSP:GR:FRANKFURT) is pleased to announce that it has closed a non-brokered private placement (the "Offering") of an aggregate of 2,300,000 flow-through units (the "Units") at a price of $0.50 per Unit, for aggregate gross proceeds of $1,150,000. Each Unit was comprised of one common share of the Company and one half of one common share purchase warrant. Each whole warrant will be exercisable into one common share at a price of $0.65 per warrant for a period of 24 months from the closing date of the Offering.
The aggregate gross proceeds of the Offering will be used by the Company to continue its drilling program on both the Daylight and Toughnut Properties in 2018.
The Company paid fees totaling $92,000 in cash.
All securities issued pursuant to this Offering are subject to a restricted period of four months and a day, ending on April 14, 2018 under applicable Canadian securities legislation.
The Company now has 59,416,868 Common Shares issued and outstanding.
Completion of the Offering is subject to the final acceptance of the TSX Venture Exchange.
About Prize Mining Corp.
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.
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Forward-Looking Statements. This news release contains forward-looking statements. More particularly, this document contains statements concerning the use of proceeds of the Offering and work programs proposed for the Daylight and Toughnut Properties. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "scheduled", "potential", or other similar words, or statements that certain events or conditions "may", "should" or "could" occur.
The forward-looking statements are based on certain key expectations and assumptions made by Prize. Although Prize believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prize can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that required shareholder, regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided for and risks that other conditions to the completion of the transactions are not satisfied on the timelines set forth in this news release or at all.
The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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: Find out more at: www.prizemining.com or please contact Walter Spagnuolo, Investor Relations by telephone at 403.236.2222 or email at [email protected]