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Prospector Announces Strategic Equity Investment By B2Gold
Vancouver, British Columbia--(Newsfile Corp. - June 28, 2024) - Prospector Metals Corp. (TSXV: ...
About this update from Prospector Metals Corp
[{"type":"text","content":"Prospector Announces Strategic Equity Investment By B2GoldVancouver, British Columbia--(Newsfile Corp. - June 28, 2024) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) (\"Prospector\" or the \"Company\") is pleased to announce that B2Gold Corp. (TSX: BTO) (NYSE American: BTG) (NSX: B2G) (\"B2Gold\") has agreed to complete a strategic investment into the Company. Pursuant to the transaction B2Gold has agreed to subscribe for an aggregate of 5,578,720 common shares of the Company (the \"Shares\") at a price of C$0.163 per Share for aggregate gross proceeds to the Company of $909,311.36 (the \"Offering\").Rob Carpenter, CEO and Director of Prospector, said, \"We are excited to have B2Gold as a keystone shareholder in Prospector Metals and our team is looking forward to their technical input on our flagship ML Project, Yukon. B2Gold is a major global gold producer with a strong commitment to communities, sustainable mining and employee safety. This investment and technical partnership will allow Prospector to advance the ML project more efficiently and it represents an endorsement of our exploration philosophy and targeting methods.\"The gross proceeds from the issue and sale of the Shares will be used exclusively for exploration and development purposes on the Company's ML Project in the Yukon (the \"ML Project\").The Shares will represent a total position of approximately 9.9% of the issued and outstanding common shares of the Company upon completion of the Offering. In connection with the strategic investment the Company and B2Gold have entered into an Investor Rights Agreement dated June 28, 2024 (the \"Investor Rights Agreement\"), pursuant to which the Company will form a four person Technical Committee, of which will one person nominated by B2Gold, that will advise on and oversee exploration and development of the Company's ML Project.In addition, pursuant to the Investor Rights Agreement:B2Gold has been granted subscription rights pursuant to which, subject to regulatory approval, it may subscribe for additional common shares up to maximum amount that B2 Gold's aggregate ownership interest would not exceed 19.9% of the issued and outstanding common shares of the Company;B2Gold has been granted a participation right to maintain its pro rata ownership in connection with future equity financings as well as follo...