/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, May 27, 2019 /CNW/ - PRIZE MINING
CORPORATION (TSX-V: PRZ, Frankfurt: MQSP, OTCQB: PRZFF) (the
"Company or "Prize") is pleased to announce that,
further to its news release of May 1,
2019, it has closed the first tranche of a non-brokered
private placement (the "Offering") of 25,200,000 common
shares (the "Shares") at a price of $0.025 per Share for gross proceeds of
$630,000.
The Offering is made pursuant to a discretionary waiver of the
$0.05 minimum pricing requirement
granted by the TSX Venture Exchange (the "Exchange").
All securities issued in connection with the first tranche of
the Offering are subject to a statutory hold period expiring on
September 28, 2019 in accordance with
applicable securities legislation. The Offering is subject to
Exchange final acceptance.
The Company intends to complete a second tranche of the Offering
in the near future including confirmed support from several current
major shareholders.
One insider of the Company was issued 1,200,000 Shares for gross
proceeds of $30,000, which
constituted a "related party transaction" within the meaning of
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). The issuance
to the insider is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as the fair market
value of the Shares issued to or the consideration paid by such
insider did not exceed 25% of the Company's market
capitalization.
About Prize Mining Corporation
Prize is a junior mining issuer listed on the TSX Venture
Exchange. Prize is focused on the exploration and development of
the Manto Negro Copper Property in Mexico, the Kena Gold Property in BC and the
Carscallen Gold Property in Timmins,
Ontario . Find out more at: www.prizemining.com
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any state in which such offer, solicitation or
sale would be unlawful. The securities issued, or to be issued,
under the Offering have not been, and will not be, registered under
the United States Securities Act of 1933, as amended, and may not
be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
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Reader Advisory
Forward-Looking Statements. This news release contains
forward-looking statements. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate",
"scheduled", "potential", or other similar words, or statements
that certain events or conditions "may", "should" or "could" occur.
The forward-looking statements are based on certain key
expectations and assumptions made by Prize. Although Prize believes
that the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because Prize can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks.
The reader is cautioned that assumptions used in the preparation
of such information, although considered reasonable by the Company
at the time of preparation, may prove to be incorrect and readers
are cautioned not to place undue reliance on forward-looking
information, which speaks only as of the date hereof. The Company
does not undertake any obligation to release publicly any revisions
to forward-looking information contained herein to reflect events
or circumstances that occur after the date hereof or to reflect the
occurrence of unanticipated events, except as may be required under
applicable securities laws.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Prize Mining Corporation