Source: Prime Meridian Resources Corp.
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  • Prime Meridian Resources Corp. (PMR) has announced a non-brokered private placement offering of units at $0.05 per unit for gross proceeds of up to $1.5 million
  • The offering consists of up to 30,000,000 units
  • Prime Meridian intends to use the net proceeds for exploration, drilling, option and property payments at the La Verde Copper Project and general working capital
  • The company has also granted 6.5 million stock options to directors, officers, consultants and advisors of the company
  • Prime Meridian Resources Corp is engaged in gold exploration projects in the Americas
  • Prime Meridian Resources Corp. opened trading unchanged at $0.06 per share

Prime Meridian Resources Corp. (PMR) has announced a non-brokered private placement for gross proceeds of up to $1.5 million.

The offering consists of up to 30,000,000 units at $0.05 per unit. Each unit includes one common share and one common share purchase warrant. Each common share purchase warrant is exercisable at $0.10 for three years.

The company has the right to accelerate the exercise period on the warrants if, after the expiry of the four-month hold, the common shares of the company close at or above $0.50 for a period of 10 consecutive trading days.

Prime Meridian intends to use $265,000 from the net proceeds for phase 1 exploration and drilling of the copper skarns at the La Verde Copper Project.

The company will use $210,000 from the net proceeds for phase 2 exploration and drilling of the copper porphyry target at the La Verde Copper Project.

The net proceeds will also be used for option and property payments on the La Verde Copper Project and general working capital.

The La Verde Copper Project is made up of nine mineral concessions covering 2,493 hectares and includes the previously producing La Verde Grande Mine which was the subject of historical copper and silver production between 1903 and 1981.

The project also contains multiple skarn-style targets identified within an area of 12 square kilometres surrounding the La Verde Grande Mine.

The company has also granted 6.5 million stock options to directors, officers, consultants and advisors of the company.

Prime Meridian Resources Corp is engaged in gold exploration projects in the Americas.

Prime Meridian Resources Corp. opened trading unchanged at $0.06 per share.


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