Prosper Gold Corp. Announces $5,000,000 Private Placement

VANCOUVER, British Columbia, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV:PGX) announces a non-brokered private placement financing of up to $5,000,000 (the “Private Placement”), through the issuance of units of the Company (the “Units”) at a price of $0.55 per Unit. Each Unit will consist of one common share and one transferable common share purchase warrant (a “Warrant”) with each Warrant exercisable by the holder into one common share of the Company at a price of $0.85 per share for a period of 24 months from the closing date.

 

The Private Placement will be non-brokered; however, the Company may pay finder’s fees in accordance in the rules and policies of the TSX Venture Exchange (“TSX-V”). The financing is subject to the completion of formal documentation and receipt of all necessary regulatory approvals, including the approval of the TSX-V.

 

All securities issued pursuant to this Private Placement 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.

 

The closing date for the Private Placement is expected to occur on September 30, 2020 or such other date as the Company may determine. The net proceeds from the Private Placement will be used to fund exploration activities at the Golden Sidewalk and for working capital and general corporate purposes.

 

About the Golden Sidewalk

 

The Golden Sidewalk (the “Project”) is comprised of over 7,500 hectares of contiguous mineral claims & patents (see the company’s August 10th and September 8th, 2020 news releases for details) located approximately 70 kilometres northeast of the town of Red Lake, Ont. The project is accessible year-round through a network of well-maintained logging roads.

 

The Project area is underlain by rocks of the Balmer Assemblage in the southern portion of the property and the Narrow Lake Assemblage in the remaining portion of the property. The boundary between the Balmer and Narrow Lake Assemblages is taken where few pillowed flows and interbedded tuffaceous and sedimentary rocks (Balmer Assemblage) give way to abundant pillowed flows (Narrow Lake Assemblage). In the Narrow Lake area, the unconformity is also marked by the presence of quartz and feldspar xenocrystic, dacitic to rhyolitic crystal tuff, termed the Skinner porphyry.

 

For further information, please contact:

 

Peter Bernier

President & CEO

Cell: (250) 316-6644

Email: Pete@ProsperGoldCorp.com