Source: Prismo Metals
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  • Prismo Metals (PRIZ) has closed the previously-announced investment by Vizsla Silver Corp. (VZLA)
  • Vizsla has acquired a right of first refusal to purchase the Palos Verdes project from Prismo and 4,000,000 units of Prismo
  • Prismo has also announced assay results for the remaining holes from its now-completed 2022 drilling program at its Palos Verdes project in Sinaloa, Mexico
  • Prismo has announced that its board of directors has approved the grant of restricted share units and stock appreciation rights to its directors and officers
  • Prismo is a junior mining company focused on precious metal exploration in Mexico
  • Prismo Metals Inc. opened trading at C$0.475

Prismo Metals (PRIZ) has closed the previously-announced strategic investment by Vizsla Silver Corp. (VZLA).

Vizsla has acquired a right of first refusal to purchase the Palos Verdes project from Prismo. It also acquired 4,000,000 units of Prismo for $2,000,000.

Each Prismo unit consists of one common share of Prismo and one-half of one common share purchase warrant.

Each Prismo warrant entitles Vizsla to purchase one additional Prismo share for a period of two years from the closing date at a price of $0.75.

The investment consisted of a cash payment of $500,000 and 1 million common shares of Prismo to Vizsla.

In connection with the investment, Prismo and Vizsla have agreed to form a technical committee to pursue the district-scale exploration of the Panuco silver-gold district.

Prismo has also announced assay results for the remaining holes from its now-completed 2022 drilling program at its Palos Verdes project, located in the historic Panuco-Copala district of the state of Sinaloa, Mexico, which is contiguous to Vizsla’s property.

The company completed eight holes for almost 2,100 metres in the 2022 program. Six holes tested the Palos Verdes vein at depth or along strike in two general areas accessible under the current environmental permit.

The six holes drilled on the Palos Verdes vein all cut significant mineralization, and in general, intercepts were relatively gold and base-metal rich.

Finally, Prismo has announced that the Board of Directors has approved the grant of 325,000 restricted share units and 325,000 stock appreciation rights to directors and officers of the company subject to certain vesting requirements.

Each vested RSU entitles the holder to receive one common share of the company by delivering an exercise notice in accordance with the LTIP. Each SAR is exercisable at $0.475 for a term of five years, expiring on January 9th, 2028.

Prismo is a junior mining company focused on precious metal exploration in Mexico.

Prismo Metals Inc. opened trading at C$0.475.


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