Prize Mining wraps C$157,000 tranche of C$2.04 million units placement

Non-brokered deal's proceeds used for general working capital

By Devika Patel

Knoxville, Tenn., Feb. 22 - Prize Mining Corp. said it settled the second tranche of a non-brokered private placement of units. The deal priced for C$2 million on Dec. 23, and the company raised C$1.88 million on Feb. 16; it raised C$157,000 in this tranche for a total of C$2.04 million.

The company sold 8,154,400 units of one common share and one warrant at C$0.25 per unit. It sold 7,526,400 units in the initial tranche and 628,000 units in the second tranche. Each warrant will be exercisable at C$0.30 for two years. The strike price reflects an 18.92% discount to the Dec. 22 closing share price of C$0.37.

Proceeds will be used for general working capital.

Prize Mining is a Calgary, Alta.-based precious metals explorer.

Issuer:	Prize Mining Corp.
Issue:	Units of one common share and one warrant
Amount:	C$2,038,600
Units:	8,154,400
Price:	C$0.25
Warrants:	One warrant per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.30
Agent:	Non-brokered
Pricing date:	Dec. 23
Settlement dates:	Feb. 16 (for C$1,881,600), Feb. 22 (for C$157,000)
Stock symbol:	TSX Venture: PRZ
Stock price:	C$0.32 at close Dec. 23
Market capitalization:	C$1.23 million

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