Prospero Silver (PSL-V) Sept 14, '16 is pleased to announce that it has closed its previously announced non-brokered private placement of 9.25 million units at a price of $0.20 per Unit, for gross proceeds of $1,850,000. Each Unit consisted of one common share and one non-transferable common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one additional Share at an exercise price of $0.30 per Share for 3 years, subject to an acceleration provision under which, if at any time after January 15, 2017, its common shares close at a price at or above $0.60 per share for more than 20 consecutive trading days, Prospero may, within five days of such event, provide notice (the "Notice") to the holders of the Warrants that the Warrants will expire on the date which is 30 calendar days after the date of the Notice.
In connection with the Offering, Prospero entered into finder's fee agreements with three arm's length finders, Sprott Global Resource Investments, Ltd., Haywood Securities Inc. and Canaccord Genuity Corp. pursuant to which Prospero paid cash finder's fees aggregating a total of $107,400 and issued 249,000 warrants ("Finder's Warrants"). Each Finder's Warrant has the same terms as the Warrants issued under the Offering.
The net proceeds from the Offering will be used by Prospero to advance Prospero's existing project portfolio to drill-ready status, to expand the project portfolio by possible new acquisitions, and for general working capital purposes. Strategic joint ventures will also be sought.
All securities issued in connection with the Offering will be subject to a hold period expiring January 15, 2017.
About Prospero Silver Corp.:
Prospero is a Mexico-focused project generator listed on the TSX.V under the symbol PSL.V. Prospero's aim is to discover world-class precious metal projects in the major mineral belts of Mexico. The Company applies a unique blend of practical exploration experience, cutting-edge mineral deposit science, and an extensive knowledge of Mexico´s geology to find new gold and silver systems. Our exploration programs are run by a small but highly-focused geological team based in Mexico.
William Murray
Chairman
604-288-7813
prosperosilver.com |
