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| | Thu Nov 24, 2005
Private Placement
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| | CALGARY, ALBERTA - Prize Mining Corporation ("Prize") intends to complete a private placement of up to 3,750,000 units ("Unit") at a price of $0.20 per unit for gross proceeds of up to $750,000 and up to 300,000 common shares ("Flow-Through Share") issued on a flowthrough basis at the price of $0.25 per Flow-Through Share for gross proceeds of up to $75,000. Each Unit will consist of one common share and one half of one common share purchase warrant. Each full warrant is exercisable at $0.35 per common share for a period of one year from closing. Prize may issue up to an additional 1,000,000 Units at a price of $0.20 per Unit for proceeds of an additional $200,000 should market demand outstrip expectations.
It is not anticipated that any new insiders will be created, nor that any change of control will occur as a result of the private placement.
Proceeds of the private placement will be used for development of Prize's Atlin Gold Property and for general working capital. The completion of the private placement is subject to regulatory approval.
ON BEHALF OF THE BOARD OF PRIZE MINING CORPORATION
"Harry McGucken"
Harry McGucken
President and CEO
Prize Mining Corporation is a Tier One Company listed on the TSX Venture Exchange (symbol: PRZ-V). The Company is exploring for Gold in the Atlin area of British Columbia, Canada and its Nickel-Copper-Palladium and Platinum project on the Muskox Layered Intrusion in Nunavut, Arctic Canada.
For further information, contact Mr. Grant Hall at:
Phone: 1 (877) 339-3344
Email: info@prizemining.com
Website: http://www.prizemining.com |
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| | You can view the Next News Releases item: Tue Nov 29, 2005, Prize Mining Corporation Completes Initial Tranche of Private Placement
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