- Prismo Metals (PRIZ) has agreed to exercise a total of up to 6,821,250 outstanding founder warrants for gross proceeds of $682,125
- Each warrant entitles the holder to purchase one common share of Prismo at a price of $0.10 per share
- Prismo will use the proceeds to drill a minimum of 2,000 metres of HQ core at the company’s Verdes property to test mineralization
- Prismo is junior mining company focused on precious metal exploration in Mexico
- Prismo Metals Inc. (PRIZ) opened trading at $0.14
Prismo Metals (PRIZ) has agreed to exercise a total of up to 6,821,250 outstanding warrants for gross proceeds of $682,125.
The warrants were issued to the particular warrantholders in 2018 and 2019, before the company’s initial public offering. Each warrant entitles the holder to purchase one common share of Prismo at a price of $0.10 per share.
Prismo will use the proceeds primarily to drill a minimum of 2,000 metres of HQ core at the company’s Verdes property to test mineralization at depth under the high-grade intercepts from previous drilling campaigns.
Two of these holes intersected high-grade mineralization similar in grade and width to the results of Vizsla Silver Corp. in the Panuco district, whose property is contiguous to Palos Verdes.
The company believes these intercepts indicate the presence of a potentially large Ag-Au shoot of the type being defined by Vizsla Silver.
The company also expects to use some of the proceeds to finalize surface exploration work on the Los Pavitos property to advance to the drill ready stage, with expected drilling in the fall.
“Immediately following the exercise of the warrants, Prismo will be selecting a drilling contractor and expects drilling to begin in late July pending reception of our environmental permit,” said Dr. Craig Gibson, President and CEO of Prismo.
“The results recently announced by Vizsla Silver support the large vertical extent of mineralization in the Napoleon vein system, but importantly show the presence of multiple mineralized strands or splits to the vein system, a feature we see at high structural levels at Palos Verdes,” he added.
Prismo is junior mining company focused on precious metal exploration in Mexico.
Prismo Metals Inc. (PRIZ) opened trading at $0.14.
