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| | Fri Oct 19, 2007
Prize Mining Corporation Completes Fourth Tranche Private Placement of Flow-Through Shares with the Mineralfields Group
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| | CALGARY, ALBERTA --- Prize Mining Corporation ("Prize") is pleased to announce that it has closed the fourth tranche of its previously announced private placement of common shares issued on a flow-through basis ("Flow-Through Shares"). A total of 1,111,110 Flow-Through Shares at a price of $0.27 per Flow-Through Share were issued to members of the MineralFields Group for proceeds of $300,000. The Flow-Through Shares issued pursuant to this tranche of the private placement are subject to a statutory resale restriction period of four months, which expires on February 19, 2008.
Finders acting in connection with the fourth tranche of the private placement received a finder's fee in the total amount of $21,000 and options to acquire a total of 77,777 common shares of Prize at a price of $0.27 per common share for a period of twenty-four months from the date of closing.
"We are very pleased to be entering into this relationship with MineralFields Group", said Harry McGucken, President and CEO. "This is an important milestone in the growth of Prize Mining Corporation and we look forward to working with MineralFields Group as we explore our holdings in the Canadian north."
Proceeds of the private placement will be used for the bulk sample (trial mining) processing on the Yellowjacket Zone of Prize's Atlin Gold Properties and exploration activities on Prize's LD claims and the recently acquired Primrose molybdenum and Red Ridge gold properties. The completion of this private placement is subject to regulatory approval.
About MineralFields, Pathway and First Canadian Securities
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(r), a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.
About Prize Mining
Prize Mining Corporation (TSX VENTURE: PRZ) is dedicated to the exploration, discovery and development of precious metal deposits. Prize is exploring for gold in the Atlin area of northwestern British Columbia, Canada and for nickel-copper-palladium and platinum on the Muskox Layered Intrusion in Nunavut, Arctic Canada.
ON BEHALF OF THE BOARD OF
PRIZE MINING CORPORATION
"Harry McGucken"
Harry McGucken
President and CEO
The TSX Venture Exchange Inc. has neither approved nor disapproved the information contained herein. |
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| | You can view the Next News Releases item: Thu Nov 15, 2007, Corporate Update: Atlin Bulk Sample
You can view the Previous News Releases item: Wed Oct 17, 2007, Prize Mining Enters Option Agreements to Acquire Primrose Moly Project and Red Ridge Project
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