Prospector Metals upsizes financing to $5.5 million

Prospector Metals Corp. [PPP-TSXV, PMCOF-OTCQB, 1ET0-Frankfurt] has increased the size of a previously announced non-brokered private placement, which is now expected to raise $5.5 million.  That’s up from an earlier $5.0 million target.

Prospector intends to use the proceeds of the offering to fund exploration at its ML project in the Yukon, including a 5,000-metre drill program.

Under the terms of the private placement, Prospector plans to issue 25.9 million charity flow-through units priced at 15.4 cents per charity flow-through unit, one million flow-through units priced at 15.4 cents each, and 12.27 million non-flow-through units priced at 11 cents per unit.

Each charity flow-through unit and flow-through unit will consist of one flow-through common share and one half of one non-flow-through common share purchase warrant and each non-flow-through unit will consist of one common share and one-half of one non-flow through common share purchase warrant. Each warrant will be exercisable at a price of 30 cents into one common share for two years from the issue date. The offering is expected to close on May 9, 2025.

On Tuesday, Prospector shares were unchanged at 13 cents. The shares are currently trading in a 52-week range of 21 cents and $0.09.

The ML Project is extensively metal endowed with numerous instances of high grade gold, silver, and copper in drill holes, trenches and surface rock samples. ML hosts one of the few remaining Tombstone-style intrusions in the Yukon that has not been systematically explored with no significant work completed since 2008. The company said no modern Intrusion Related Gold [IRGS] exploration models have been applied to ML despite the presence of diagnostic Au-As-Bi-Te-W geochemical signature.

The 2025 field program on the ML project will include up to 5,000 metres of diamond drilling focused on five target areas (Bueno, Skarn Ridge, Rubble-Cirque, North Vein, and Java) and is expected to commence in June, 2025. Additional work will include prospecting, geologic mapping and relogging historic drill core located on the property.

The Skarn Ridge target is in the central portion of the ML property and was the focus of historical drill efforts in 2007 and 2008 that returned significant results, including 89.3 metres of 1.38 g/t gold and 0.61% copper, plus 75.9 metres of 2.86 g/t gold and 0.69% copper.

Prospector was in the news last year when B2Gold Corp. [BTO-TSX, BTG-NYSE American, B2G-NSX] said it has taken a 9.99% equity stake in the Yukon exploration junior.

B2Gold was granted the right to subscribe for additional shares, potentially taking its interest up to a maximum of 19.9%

Prospector Metals was also in the news when the company named Dr. Rob Carpenter as President CEO. He was the co-founder, President and CEO of Kaminak Gold Corp.