Prismo Metals Announces Private Placement and Ripsey Gold Project Overlimit Silver Assay Results

Core Viewpoint - Prismo Metals Inc. is conducting a non-brokered private placement to raise a minimum of $1,250,000 through the issuance of 12.5 million units at $0.10 per unit, aimed primarily at funding drilling activities at its Silver King project and for general corporate purposes [1][2]. Group 1: Private Placement Details - The private placement consists of 12.5 million units priced at $0.10 each, with each unit comprising one common share and one-half of a common share purchase warrant [1]. - Each warrant allows the holder to purchase one share at an exercise price of $0.175 for 36 months, with an accelerated expiry clause if shares close at or above $0.25 for ten consecutive trading days [1]. - The placement is available to existing shareholders under the Existing Securityholder Exemption, limiting individual investments to CAD$15,000 unless specific advice is obtained [7][8]. Group 2: Use of Proceeds - The net proceeds from the private placement will primarily be used for drilling at the Silver King project, with a planned first phase of at least 1,000 meters [2]. Group 3: Exploration Plans - The initial drilling phase aims to test the upper half of the Silver King mineralized body and adjacent areas, with potential for follow-up drilling based on results [3]. - Recent assays from the Ripsey mine indicate high-grade silver mineralization, with values ranging from 132 to 224 g/t Ag, confirming the quality of the mineralization along the Ripsey vein [11][12]. Group 4: Historical Context - The Silver King mine, discovered in 1875, was a significant silver producer in Arizona, yielding nearly 6 million ounces of silver at high grades, and is strategically located near the Resolution Copper project [14].