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Prairie Provident Announces Closing of Initial Tranche of Private Placement for $4.8 Million to Advance Basal Quartz Horizontal Drilling Program
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES CALG...
About this update from Prairie Provident Resources, Inc.
[{"type":"text","content":"Prairie Provident Announces Closing of Initial Tranche of Private Placement for $4.8 Million to Advance Basal Quartz Horizontal Drilling Program\n\n\n\n NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n CALGARY, Alberta, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (\"Prairie Provident\" or the \"Company\") (TSX:PPR) is pleased to announce the closing of the first tranche of its recently announced equity financing, for $4,800,000 in gross proceeds from its principal and largest shareholder, PCEP Canadian Holdco, LLC (\"PCEP\") upon the issue of 112,941,176 common shares (\"Common Shares\") at a price of $0.0425 per Common Share (the \"First Tranche Closing\").\n \n\n The First Tranche Closing is part of the $9,100,000 brokered equity financing previously announced by the Company, led by Research Capital Corporation as the lead agent and sole bookrunner on behalf of a syndicate of agents including Haywood Securities Inc. (collectively the \"Agents\") and consisting of:\n \n\n\n an offering up to 96,470,589 units of the Company (\"Units\") at a price of $0.0425 per Unit for gross proceeds of up to $4,100,000, on a prospectus-exempt basis pursuant to the 'listed issuer financing exemption' (LIFE) under applicable Canadian securities laws (the \"LIFE Offering\"), with (i) each Unit consisting of one Common Share and one Common Share purchase warrant (\"Warrant\"), and (ii) each Warrant to entitle the holder to subscribe for and purchase one Common Share at an exercise price of $0.05 for a period of 36 months following closing; and\n \n\n a private placement of up to 117,647,059 Common Shares at a price of $0.0425 per Common Share for gross proceeds of up to $5,000,000, pursuant to available exemptions from the prospectus requirements of applicable Canadian securities laws (the \"Private Placement\" and, together with the LIFE Offering, the \"Offerings\"). Warrants will not be issued to purchasers under the Private Placement.\n \n\n\n The First Tranche Closing was completed under the Private Placement.\n \n\n\n\n Prairie Provident's Top Tier Basal Quartz Play in Michichi: A Unique Publicly Traded BQ Junior\n \n\n\n\n Prairie Provident has established its Basal Quartz (\"BQ\") play in the Michichi core area as a significant growth driver, supported by robust well econ...