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Re: News Releases - Thursday, May 03, 2007
Prize Mining Completes Initial Tranche Private Placement of Units
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Calgary, Alberta--Prize Mining Corporation (TSXV: PRZ) is pleased to
announce that it has closed the first tranche of its private placement
of units ("Units"). An aggregate of 6,235,000 Units were issued at a
price of $0.25 per Unit for gross proceeds of $1,558,750. Each Unit
consists of one common share and one common share purchase warrant
("Warrant"). Each Warrant is exercisable at $0.35 per common share for
a period of two years from closing. The securities issued pursuant to
this tranche of the private placement are subject to a statutory resale
restriction period of four months, which expires on September 4, 2007.
The second tranche of the private placement is expected to be completed
shortly.
Finders acting in connection with the initial tranche of the private
placement received aggregate fees of $114,887.50 and 511,550
non-transferable options to purchase common shares of Prize at a price
of $0.25 per share, which may be exercised on or before May 3, 2009.
Following the completion of the initial tranche of the private
placement, Prize has 45,277,880 common shares issued and outstanding.
Proceeds of the private placement will be used to fund the purchase of
a Knelson Processing Plant and for general working capital. The
completion of the private placement is subject to regulatory approval.
About Prize Mining
Prize Mining Corporation (TSXV: PRZ) is a company dedicated to the
exploration, discovery and development of precious metal deposits. 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.
ON BEHALF OF THE BOARD OF
PRIZE MINING CORPORATION
"Harry McGucken"
Harry McGucken
President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Prize Mining Corporation
Trent Dahl
Investor Relations
(604) 684-4743 ext. 228 or Toll Free: 1-866-684-4743 ext. 228
Email: info@prizemining.com
Website: www.prizemining.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2007 PRIZE MINING CORP. (PRZ) All rights reserved. For
more information visit our website at http://www.prizemining.com/ or
send mailto:info@prizemining.com
Message sent on Thu May 3, 2007 at 2:33:02 PM Pacific Time
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