Business
Prospector Closes $1.14 Million Flow-Through Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 27, 2023) - Prospector Metals Corp. (TSXV:...
About this update from Prospector Metals Corp
[{"type":"text","content":"Prospector Closes $1.14 Million Flow-Through Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 27, 2023) - Prospector Metals Corp. (TSXV: PPP) (FSE: 1ET0) (\"Prospector\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placements 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 for gross proceeds to the company of $1,140,130 (the \"Offering\").In connection with the closing of the Offering, the Company issued an aggregate total of 4,644,513 flow through units with each flow through unit being comprised of one flow through share (the \"FT Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable into one common share of the Company at an exercise price of $0.30 for a period of two years from the date of issue.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 beginning of April, and for advancing the Company's portfolio of nickel and gold projects in Ontario.The Offering is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including final approval of the TSX Venture Exchange. The Company paid cash finders' fees totaling $34,098.30 and issued 95,280 finders' warrants at $0.30 and 83,333 finder's warrants at $0.21. Each finders' warrant is exercisable for 2 years from the date of issue.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 from the issue of the FT Shares will be incurred (or ...