Business
Prospector Closes ML Property Acquisition and Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 5, 2024) - Prospector Metals Corp. ( TSXV:...
About this update from Prospector Metals Corp
[{"type":"text","content":"Prospector Closes ML Property Acquisition and Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 5, 2024) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) (\"Prospector\" or the \"Company\") is pleased to announce the closing of its previously announced acquisition of the ML Property (also known as the Mike Lake Property) (the \"Transaction\") from Troilus Gold Corporation (\"Troilus\"), pursuant to a property purchase agreement (the \"Purchase Agreement\") with Troilus. The ML Property and the terms of the Purchase Agreement are described in the Company's press release dated January 3, 2024.Pursuant to the Transaction, the Company issued 9,222,164 common shares of the Company (the \"Common Shares\") to Troilus after giving effect to the Company's Consolidation (as defined below). As a result of the issuance, Troilus holds 19.9% of the issued Common Shares of the Company. The Common Shares issued to Troilus are subject to a voluntary hold period of twelve (12) months from the date of issuance. There were no finder's fees paid in connection with the Transaction.Private Placement OfferingThe Company is also pleased to announce that it has closed its previously announced non-brokered private placement (the \"Private Placement\") for gross proceeds to the Company of $2,000,000. In connection with the Private Placement, the Company issued 9,090,909 units at a price of $0.11 per unit and 6,666,666 units at a price of $0.15 per unit (each, a \"Unit\"). Each Unit consists of one post-Consolidation Common Share and one half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable into one Common Share at an exercise price of $0.30 for a period of two years from the date of issue. If the closing price of the Common Shares is at a price equal to or greater than $0.50 for a period of 10 consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by giving notice, via a news release, to the holders of the Warrants that the Warrants will expire on the date that is 30 days after the issuance of said news release.In connection with closing of the Private Placement, the Company paid cash finders' fees totaling $31,326.88 and issued 246,674 finders' warrants (the \"Finders' Warrants\"). Each Finders' Warrant is exercisable to...