Mr. Evan Young reports

PRIMERO CLOSES C$51.75 MILLION BOUGHT DEAL OFFERING

Primero Mining Corp. has closed its previously announced bought deal financing with a syndicate of underwriters led by BMO Capital Markets, and including Scotiabank, TD Securities Inc., RBC Capital Markets and Paradigm Capital Inc., pursuant to which the company issued 22,022,500 units of the company at a price of $2.35 per unit for aggregate gross proceeds of $51,752,875. The offering included the underwriters' initial agreement to purchase 19.15 million units and the exercise in full of the underwriters' overallotment option for an additional 2,872,500 units.

Each unit consists of one common share of Primero and one-half of one common share purchase warrant of Primero. Each whole warrant entitles the holder to acquire one common share of the corporation at a price of $3.35 per common share until June 25, 2018.

The warrants will commence trading on the Toronto Stock Exchange on June 24, 2016, under the symbol P.WT.C.

Primero intends to use the net proceeds from the offering for exploration and development at the company's San Dimas and Black Fox mines, as well as for working capital and general corporate purposes.

We seek Safe Harbor.