Prime Mining Corp (OTCMKTS:PRMNF) Stock In Focus Receiving $28 Million From Warrant Acceleration Program
Prime Mining Corp (OTCMKTS:PRMNF) on May 9, 2023, announced that 14,025,410 common share purchase warrants issued by the firm on December 22, 2022, have been exercised. This results in gross proceeds of about $28,050,820 to the firm.
Trading Data
On Tuesday, PRMNF stock fell 0.23% to $1.9705 with more than 2.17K shares, compared to volume of 14.61K shares. The stock moved within a range of $1.9705 – 1.9705 after opening trade at $1.9705.
Prime Mining Receives $28 Million From Warrant Acceleration Program
The Warrants were earlier issued by the firm in relation to a brokered private placement. They were exercisable at $2.00. Prime Mining Corp anticipates harnessing proceeds from the Warrant exercise to speed up its drill program at Los Reyes Project, enabling the firm to augment the drilling budget. This will help the company expand the current mineral resource estimate as well as conduct drilling of fresh exploration targets lying outside the known resource areas.
The extra funds would be harnessed for developing early work programs for de-risking technical aspects ofthe Los Reyes Project, including internal engineering studies and metallurgical test work.
Chief Executive Officer Daniel Kunz said that the current cash balance of $45.5 million is enabling the company to increase exploration activities. Kunz added that he expects to increase total planned drilling from 45,000 to 60,000 meters for 2023. The CEO also said that the firm is intending to undertake a similar-sized drill program in 2024. The firm’s target in the coming years is to double the size of high-grade gold-silver mineral resources. Prime is managed by a mix of successful strong capital markets personnel, mining executives, and experienced local operators.
