Probe Metals (PRB-V) Probe Metals Raises $7.0 million from the Exercise of Share Purchase Warrants
December 20, 2021
Toronto, December 20, 2021 – Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce that it has raised $7.0 million from the exercise of 5,376,249 share purchase warrants with a strike price of $1.30 (the “Warrants”). The Warrants were originally issued as part of the private placement completed in December 2019. As of today, the Company has approximately $31.4 million in cash and investments.
David Palmer, President and CEO of Probe, states, “The exercise of warrants has not only strengthened our balance sheet but also demonstrates the strong support we have from our existing shareholders. 2021 has been an incredibly successful year for the Company, crossing the 4 million ounce threshold for Val-d’Or and issuing a PEA that shows profitable mining operations of well over 200,000 ounces of gold per year for a minimum of 10 years. This was a goal we had set back in 2015 when the Company was formed and I am very proud of the Probe Metals team for not only achieving this goal, but exceeding it, in 2021. For us, the year represented a number of important milestones, however, we are excited for what lies ahead as we continue to grow our gold resources and unlock the tremendous upside we see in the project. We have explored less than 15% of our property and will be accelerating our programs to capture this exploration upside while continuing to increase confidence in the resource and the project economics. We end the year in a very strong financial position to begin our 2022 programs on Val-d’Or East and Detour, which represent our largest exploration programs to date. With over 150,000 metres of drilling planned for 2022, we will continue unlocking value as we push towards development.” |
