Prosper Gold Corp. Closes Second Tranche of Private Placement and Prepares for Winter Drilling at Golden Sidewalk Project
November 28 2023 - 3:15PM
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
Financing on November 22, 2023. Under the first and second
tranches of the Financing, the Company raised aggregate gross
proceeds of $867,000.
Prosper Gold expects to use the net proceeds
from the Financing to fund exploration activities at the Company’s
Golden Sidewalk Project and for working capital and general
corporate purposes.
All securities issued pursuant to the Financing
will be subject to a four month and one day hold period in
accordance with applicable securities laws. The securities
described herein have not been, and will not be, registered under
the United States Securities Act of 1933, as amended, and were not
permitted to be offered or sold within the United States absent
registration or an applicable exemption from the registration
requirements of such Act.
For a detailed overview of Prosper Gold please
visit
www.ProsperGoldCorp.com ON
BEHALF OF THE BOARD OF DIRECTORS
Per: “Peter
Bernier” Peter
BernierPresident & CEO
For further information, please contact:
Peter BernierPresident & CEOProsper Gold
Corp.Cell: (250) 316-6644Email: Pete@ProsperGoldCorp.com
Unless otherwise specified, all dollar amounts
used herein refer to the law currency of Canada.
Certain information in this news release
constitutes forward-looking statements under applicable securities
law. Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as “may”, “should”, “anticipate”,
“expect”, “intend” and similar expressions. Forward-looking
statements in this news release include, but are not limited to,
statements with respect to the use of proceeds from the Financing
and the exercise of the Warrants and Broker Warrants.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation, the Company’s ability to
implement its business strategies; risks associated with mineral
exploration and production; risks associated with general economic
conditions; adverse industry events; marketing and transportation
costs; loss of markets; volatility of commodity prices; inability
to access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
industry and government regulation; changes in legislation, income
tax and regulatory matters; competition; currency and interest rate
fluctuations; and other risks. Readers are cautioned that the
foregoing list is not exhaustive.
Readers are further cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
The forward-looking statements contained in this
news release represent the expectations of the Company as of the
date of this news release, and, accordingly, are subject to change
after such date. The Company does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities law.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
Prosper Gold (TSXV:PGX)
Historical Stock Chart
From Nov 2024 to Dec 2024
Prosper Gold (TSXV:PGX)
Historical Stock Chart
From Dec 2023 to Dec 2024