Business
Prosper Gold Closes Second Tranche of Private Placement and Prepares for Winter Drilling at Golden Sidewalk Project
VANCOUVER, British Columbia, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSXV:PGX) announces that it has mobilized a
About this update from Prosper Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (\"Prosper Gold\" or the \"Company\") (TSXV:PGX) announces that it has mobilized a crew to the Golden Sidewalk Project (the “Project”) in northwest Ontario in preparation for winter diamond drilling. The Company further announces it has closed the second tranche (the “Second Tranche”) of the previously announced non-brokered private placement financing (the “Financing”) (i) of units (each, a “Unit”) and (ii) common shares of the Company that qualify as “flow through shares” for purposes of the Income Tax Act (Canada) (“FT Shares”). A crew has been mobilized to the Golden Sidewalk Project in the Red Lake Mining District, Northwest Ontario, to lay out drill pads and access roads. Up to 2,500 metres will be drilled at three previously untested target areas. The costs of the upcoming drill program will be offset by funding support from the Ontario Junior Exploration Program (“OJEP”), which will cover up to 50% of eligible exploration costs to a maximum of $200,000 in respect of expenditures incurred by the Company during the period from April 1, 2023 to February 16, 2024. “We are excited to recommence drilling in Ontario,” commented Peter Bernier, CEO. “We would like to thank the OJEP for the approval of funding. These funds will go a long way to advance and expand our exploration program on a non dilutive basis making our winter drill program in Ontario extremely cost effective.” Private Placement The Second Tranche consisted of 1,050,000 Units at a price of $0.10 per Unit, for gross proceeds to the Company of $105,000. Each Unit consists of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.20 (the “Warrant Exercise Price”) for a period of 36 months following the closing date. The Company did not issue any FT Shares under the Second Tranche. In connection with the Second Tranche, the Company paid $5,250 in cash and issued 52,500 common share purchase warrants (each, a \"Broker Warrant\") to finders at closing. Each Broker Warrant is non-transferable and exercisable for one Common Share for a period of 36 months following closing at the Exercise Price. The Company closed the first tranche of the Fina...