Prince Silver closes $4.75 million private placement

Prince Silver Corp. (CSE: PRNC) completed a non-brokered private placement raising $4.75 million in gross proceeds. The company issued 6,785,713 units at $0.70 per unit, according to a press release.

Each unit includes one common share and one-half warrant. The warrants allow holders to purchase additional shares at $1.00 each within two years of issuance. The warrants contain an acceleration clause permitting the company to shorten the expiry period if shares trade at or above $1.40 for 10 consecutive trading days.

All securities are subject to a four-month and one-day hold period under applicable securities laws. The company stated it now holds over $8 million in treasury funds.

"This upsized financing places Prince in a very strong position," said Derek Iwanaka, CEO and Director. "We are now fully funded for a second phase of reverse circulation exploration and infill drilling this year, while also advancing toward a maiden mineral resource estimate and ongoing metallurgical work."

The proceeds will fund drilling at the Prince Silver Project in Nevada, complete a mineral resource estimate, conduct metallurgical work, and provide working capital. The project is a past-producing silver-zinc-manganese-lead mine with near-surface mineralization previously tested by 129 drill holes.

Prince Silver also holds an interest in the Stampede Gap Project, a copper-gold-molybdenum system located 15 kilometers from the Prince Silver Project. The company trades on the CSE under PRNC, OTCQB under PRNCF, and Frankfurt under T130.

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