Then on Friday, the company announced that it will increase the size of the financing and has now agreed to sell 12.2 million units to the underwriters at the same price to raise gross proceeds of C$18.3 million.
The underwriters will also have the option to acquire up to an additional 15% of the number of units prior to closing. The underwriters are to be paid a cash commission equal to 6% of the gross proceeds, except that a commission of 3% of the gross proceeds will be paid from the sale of units to certain purchasers designated by Prime to account for a maximum of C$3 million.
The net proceeds from the offering will be directed towards exploration and development activities at the Los Reyes gold-silver project.
Located in the Mexican state of Sinaloa, the Los Reyes represents a high-grade, low-sulphidation epithermal gold-silver project that covers a land package of contiguous claims totalling 13,800 hectares. The property is…
