Prize Mining Corporation Completes Initial Tranche of Private Placement
Thursday March 30, 6:00 pm ET
(PRZ:V)
CALGARY, March 30 /CNW/ - Prize Mining Corporation ("Prize") is pleased to announce that it has closed the first tranche of its previously announced private placement. An aggregate of 1,743,333 units ("Unit") at the price of $0.45 per Unit were issued for gross proceeds of $784,500. Each Unit is comprised of one common share ("Common Share") and one common share purchase warrant ("Warrant").
Each Warrant is exercisable at a price of $0.65 per Common Share for a period of two years from closing (the "Warrant Term"). If, during the Warrant Term, the Common Shares trade at or above Cdn. $0.85 for a period of 20 consecutive trading days, Prize will notify the warrantholder to exercise the Warrants at a date no later than 30 calendar days after the notification date.
The securities issued pursuant to this tranche of the private placement are subject to a statutory resale restriction period of four months, which expires on July 31, 2006. The final tranche of the private placement is expected to be completed shortly.
Wolverton Securities Ltd., IBK Capital Corp., and Canaccord Capital Corporation each acted as a finder in connection with the initial tranche of the private placement and received a finders' fee in the total amount of $53,775 and brokers warrants to acquire a total of 126,167 common shares at a price of $0.45 per common share for a period of twenty four (24) months from the date of closing.
Proceeds of the private placement will be used to fund the scoping study recently initiated by the Company, development drilling on the Yellowjacket Zone to move the Company towards development and proposed small scale mining of its Atlin Gold Property, further exploration of the Company's Atlin and LD Properties and for general working capital. The completion of the private placement is subject to regulatory approval.
ON BEHALF OF THE BOARD OF
PRIZE MINING CORPORATION
"Harry McGucken"
----------------
Harry McGucken
President and CEO
Prize Mining Corporation is a Tier One Company listed on the TSX Venture Exchange (symbol: PRZ-V). The Company is exploring for Gold in the Atlin area of British Columbia, Canada and its Nickel-Copper-Palladium and Platinum project on the Muskox Layered Intrusion in Nunavut, Arctic Canada.
For further information
Mr. Grant Hall at: Phone: (877) 339-3344, Email: info@prizemining.com, Website: prizemining.com_;_ To request a free copy of this organization's annual report, please go to newswire.ca and click on Tools for Investors.
Source: Prize Mining Corporation
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