Business
Prospector Announces $1.0 Million Flow-Through Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - Prospector Metals Corp. 
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About this update from Prospector Metals Corp
[{"type":"text","content":"Prospector Announces $1.0 Million Flow-Through Private PlacementVancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - Prospector Metals Corp. (TSXV: PPP) (FSE: 1ET0) (\"Prospector\" or the \"Company\") announces a non-brokered private placement to raise gross proceeds of up to C$1 million consisting of Ontario charity flow-through units (the \"Charity FT Units\") offered at a price of $0.28 per Charity FT Unit and Ontario flow-through units (the \"ON FT Units\") offered at a price of $0.21 per ON FT Unit (the \"Offering\").Each Charity FT Unit and ON FT Unit will be comprised of one flow-through common share (a \"FT Share\") and one half of one non-flow-through common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will be exercisable at a price of $0.30 into one common share for a period of two years from the date of issuance.Prospector intends to use the gross proceeds of the Offering for a diamond drilling program at the Company's Whitton Ni-Cu Project in Ontario, anticipated to begin at the end of March, and for advancing the Company's portfolio of nickel and gold projects in Ontario.The Offering is expected to close on or about March 14, 2023 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange. The Company may pay finders' fees under the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The securities issued under the Offering will be subject to a hold period under applicable securities laws in Canada expiring four months and one day from the closing date of the Offering.The FT Shares will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\")). An amount equal to the gross proceeds from the issuance of the FT Shares will be used to incur eligible resource exploration expenses which will qualify as (i) \"Canadian exploration expenses\" (as defined in the Tax Act), and (ii) as \"flow-through critical mineral mining expenditures\" (as defined in subsection 127(9) of the Tax Act) (collectively, the \"Qualifying Expenditures\"). Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised ...