Prime Mining Corp. Announces Private Financing of C$16.5 Million Acquisition Transaction, The Canadian Business Journal

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VANCOUVER, British Columbia, December 1, 2022 (GLOBE NEWSWIRE) — Prime Mining Corp. (“Prime” or “we”) (TSX.V: PRYM, OTCQB: PRMNF, Frankfurt: A2PRDW) announces that it has entered into an agreement with Desjardins Capital Markets to act as sole bookrunner and joint lead manager on behalf of a syndicate of joint lead managers. I am pleased to Desjardins Capital Markets and TD Securities Inc. (“Co-lead underwriter” and collectively, “Underwriter”), which allows the underwriters to purchase 11,000,000 units (“unit”) at a price of $1.50 per unit, with a total revenue of approximately $16,500,000 (“Recruitment”). Each unit consists of one share of our common stock (each a “common stock”) and one Common Stock Purchase Warrant (each “warrant”). Each stock acquisition right shall be exercisable for 36 months from the Closing Date (defined below) at an exercise price of $2.00 per share of common stock. Following the closing date, the stock’s volume-weighted average trading price on the TSX Venture Exchange (“TSXV) If 10 consecutive trading days are $2.50 or more, the Company may, by written notice to the holder of the Warrant, advance the expiration date of the Warrant to a date twenty (20) days after the date of such written notice. I can.

The net proceeds from the public offering will be used by the Company for exploration and development of its Los Reyes Gold and Silver Projects and for general corporate purposes. Prime has also been informed that Pierre Lassonde will participate in the offering.

Underwriters have options that are exercisable at any time up to 48 hours prior to the closing date and will receive an additional up to 15% of the number of units purchased under the offering. The underwriter will be paid a cash commission equal to his 6% of the total proceeds of the offering. $3,000,000 in total revenue from the offering.

Offerings are scheduled to expire on or around December 22, 2022 (see “Closing date”) and is subject to certain conditions, including without limitation, regulatory approvals, including TSXV’s conditional listing approval for its common stock (including the common stock underlying the Warrant).

The shares are offered for sale on a private placement basis in all provinces of Canada, subject to applicable exemptions from the prospectus requirements of the Canadian Securities Act. Units may also be sold in jurisdictions other than Canada agreed upon by the Underwriter and Company, subject to applicable law. Subject to applicable Canadian securities laws, all securities issued and issuable in connection with the offering are subject to a hold period of four months from the date of termination of the offering.

This press release is not an offering of securities in the United States. Securities may not be offered or sold in the United States unless registered or exempt from such registration under the United States Securities Act of 1933. The Company has not registered and does not intend to register any securities under the United States Securities Act of 1933, as amended. The Company does not plan to make any public offerings of its securities in the United States.

About the Los Reyes Gold and Silver Project

Los Reyes is a rapidly developing high grade low hydrothermal gold and silver sulfide project in Sinaloa, Mexico. Past operating records indicate that an estimated 1 million ounces of gold and 60 million ounces of his silver were recovered from his five separate operations at Los Reyes between 1770 and his 1990. I’m here. , engineering, and pre-feasibility studies. The project remains unexplored and has potential for further discovery and resource expansion.

Since acquiring Los Reyes in 2019, Prime has spent approximately US$30 million in direct exploration activities and completed two phases of comprehensive drilling totaling over 100,000 m. Results to date suggest that the three main known depositing areas of Guadalupe, Central and ZT are larger than previously reported. There is potential for new discoveries beyond the currently defined resource areas.

About Prime Mining

Prime is managed by an ideal mix of successful mining executives, strong capital marketers and experienced local operators dedicated to maximizing the potential of the Los Reyes project. The company has a well-planned capital structure with significant management and insider ownership.

On behalf of the Board of Directors

Daniel Kunz
Chief executive officer

For more information, please contact:

Daniel Kunz
Chief Executive Officer and Director
Prime Mining Co.
1307 South Colorado Avenue
83706 Boise, Idaho
Phone: +1 (208)926-6379 Office
Email: [email protected]

Scott Hicks
vice president
Prime Mining Co.
710 – 1030 West Georgia Street
Vancouver, BC, V6E 2Y3
Phone: +1 (604) 428-6128 Office
Email: [email protected]

NEITHER TSXV NOR ITS REGULATORY SERVICE PROVIDERS (TERMS AS DEFINED IN THE TSXV POLICIES) ASSUME ANY RESPONSIBILITY FOR THE SUITABILITY OR ACCURACY OF THIS RELEASE.

Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of the Canadian securities laws. This includes, but is not limited to, statements regarding the completion and intended use of the offering. of earnings. Forward-looking statements are statements that are not historical facts addressing events, results, outcomes or developments that we expect to occur. Forward-looking statements are based on our management’s views, estimates and opinions as of the date the statements are made and are subject to a number of risks and uncertainties. Certain important assumptions have been made with respect to such forward-looking statements, including, but not limited to, assumptions regarding the price of gold, silver and copper. Accuracy of Mineral Resource estimates; Absence of significant adverse changes affecting the Company or its assets. Obtain all necessary approvals, including concession renewals and permits. Political and legal developments consistent with current expectations. Currencies and exchange rates consistent with current levels. and no material disruption affecting the Company or its assets. Therefore, there can be no assurance that such statements will prove to be accurate, and actual results and future events may differ materially from those anticipated in such statements. involves significant known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, but are not limited to: risks associated with the uncertainties inherent in the preparation of mineral resource estimates; This includes changes in cost assumptions, fluctuations in the amount of mineralized material, grades or recoveries, geotechnical or hydrogeological considerations, plant, equipment or process failures, availability of power or power rates. delays and costs inherent in the ability to maintain social licenses, changes in interest or tax rates, changes in project parameters, local government consulting and coordination rights, community, environmental risks, ownership, including renewal of concessions; risks, fluctuations in commodity prices and exchange rates, risks related to COVID-19, delays or failure to receive access agreements or modified permits, risks inherent in estimating mineral resources. risks associated with executing our goals and strategies; These include costs and expenses and risk factors described in the Company’s recently filed management’s discussion and analysis and in its Annual Information Form dated April 22, 2022. Available at www. .sedar.comExcept as required by securities disclosure laws and regulations applicable to us, we will update these forward-looking statements if management’s beliefs, estimates, opinions or other factors change. assume no obligations. This news forward-looking statement in his release includes statements regarding Mr. Rasonde’s participation, the closing of the offering, regulatory approvals, and the intended use of proceeds from the offering.

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