Prince Silver announces $3 million private placement

Prince Silver Corp. (CSE:PRNC)(OTCQB: PRNCF) announced a non-brokered private placement offering up to 4,687,500 units at $0.70 per unit for gross proceeds of up to $3 million.

Each unit consists of one common share and one-half warrant. The warrants are exercisable at $1.00 for 24 months from issuance. The company can accelerate warrant expiry if its share price closes at $1.40 or higher for 10 consecutive trading days, with warrants expiring 30 days after such notice.

Prince Silver will pay 7% finders' fees to eligible parties under applicable securities laws and Canadian Stock Exchange policies. All securities will be subject to a four-month and one-day statutory hold period from closing.

The company plans to use net proceeds to advance exploration and development at its Prince Silver Project in Nevada, plus working capital and general corporate purposes. The offering requires Canadian Securities Exchange approval.

Prince Silver operates a past-producing silver-zinc-manganese-lead mine in Nevada with near-surface mineralization tested by 129 historical drill holes. The company also holds interest in the Stampede Gap Project, a copper-gold-molybdenum system located 15 kilometers from the Prince Silver Project.

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