Mr. Michael McPhie reports
PRIZE MINING PROVIDES ADDITIONAL DISCLOSURE WITH RESPECT TO ITS NEWS RELEASE DATED JUNE 21, 2018 AND THE JULY 6, 2018 NON-BROKERED PRIVATE PLACEMENT
Pursuant to the Alberta Securities Commission order of Feb. 12, 2019, with respect to Prize Mining Corp., the company is providing additional disclosure with respect to its previously issued news release dated June 21, 2018, and headlined, "Prize Mining Announces Amended Terms of Non-Brokers Private Placement and Major Lead Orders," and the July 6, 2018, closing of such non-brokered private placement.
Prize hereby provides the following additional information with respect to the June news release and July financing:
The commitments by several investors to provide Prize with the $6.5-million financing that closed in the July financing were conditional on Prize entering into 18 consulting agreements with various parties.
Immediately upon receipt of the proceeds of the July financing, aggregate consideration of $5.5-million was to be paid by Prize to the parties to the consulting agreements.
Some of the investors in the July financing were, directly or indirectly, parties to some of the consulting agreements.
- A number of the consulting agreements purported to provide Prize with the same or similar services.
The ASC order provided that all trading in, or purchasing of, securities of Prize must cease. All of the exemptions contained in the Alberta securities laws do not apply to Prize, but that the ASC order expires at 6 p.m. MT on the business day following the dissemination of this news release.
About Prize Mining Corp.
Prize Mining is focused on the exploration and development of the Manto Negro copper property in Mexico as well as the Kena gold property in British Columbia.
We seek Safe Harbor.
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