| ||Tue Dec 13, 2005|
Prize Mining Corporation Completes Final Tranche of Private Placement for $ 657,000
| ||CALGARY, ALBERTA - Prize Mining Corporation ("Prize") is pleased to announce that it has closed the second and final tranche of its private placement previously announced on November 24, 2005. An aggregate of 3,285,000 units at a price of $0.20 per unit ("Unit") were issued for gross proceeds of $657,000. Each Unit consists 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. The securities issued pursuant to this final tranche of the private placement are subject to a statutory resale restriction period of four months, which expires on April 13, 2006.|
Wolverton Securities Ltd. and Union Securities Ltd. each acted as a finder in connection with the second tranche of the private placement and received a finder's fee in the total amount of $6,790 and brokers warrants to acquire a total of 33,950 Units at a price of $0.20 per Unit for a period of twelve months from the date of closing.
With this closing, the total gross proceeds received by Prize from the private placement was $732,000. Please refer to Prize's November 29, 2005, news release for information regarding the initial tranche 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
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
You can view the Next News Releases item: Fri Dec 16, 2005, Drilling On Yellowjacket Zone To Continue After Holidays, Notice Of Meeting Of Shareholders
You can view the Previous News Releases item: Thu Dec 8, 2005, Prize enters into Earn in Agreement on the Muskox Intrusion
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