Business
Prismo Metals Announces Closing of C$3 Million Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2022) - Prismo Metals Inc. (CSE: PRIZ) ("Prismo" or the "Company") is pleased to announce the closin
About this update from Prismo Metals Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - December 12, 2022) - Prismo Metals Inc. (CSE: PRIZ) (\"Prismo\" or the \"Company\") is pleased to announce the closing of its previously announced brokered private placement financing of units (the \"Units\") for gross proceeds of $3,016,000 (the \"Offering\"). PI Financial Corp. (the \"Lead Agent\") acted as lead agent on behalf of a syndicate of agents including Agentis Exempt Market Dealer LP (together with the Lead Agent, the \"Agents\"). The Units were offered pursuant to an offering document dated December 5, 2022 (the \"Offering Document\") prepared in accordance with Form 45-106F19 - Listed Issuer Financing Document and posted on the Corporation's website and on SEDAR on December 5, 2022. \"The proceeds from this financing will be used to continue drilling at our Palos Verdes project and to complete the mapping and sampling program at the Los Pavitos project and conduct an initial diamond drilling program on that property,\" said Craig Gibson, President and CEO of Prismo Metals. He added: \"We are currently planning an additional 3,000 meter of drilling at Palos Verdes and 5,000 meter of drilling at Los Pavitos. Drilling at Palos Verdes will commence upon receiving our expanded environmental permit which we expect in January 2023. The Los Pavitos environment permit is expected to be approved in early 2023.\" Each Unit, priced at $0.52 per Unit (the \"Offering Price\") was comprised of one common share (\"Common Share\") in the capital of the Company and one-half of one (1/2) of a Common Share purchase warrant (\"Warrant\") of the Company. Each whole Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of $0.75 for a period of three (3) years from the closing date (the \"Closing Date\") of the Offering. In total, the Company issued 5,800,000 Units pursuant to the Offering. The net proceeds from the issuance of the Units will be used for further exploration work on the Company's projects and for general working capital purposes, as is more fully described in the Offering Document. In connection with the Offering, the Agents received a $211,120 cash commission and an aggregate of 406,000 non-transferable compensation options (each, a \"Compensation Option\"). Each Compensation Option entitles the holder to acquire one common share of the C...