Prime Mining Announces Grant Of Incentive Securities
Prime Mining Corp. has announced the granting of 991,626 incentive stock options, 455,846 restricted share units, and 661,202 deferred share units in accordance with the long-term incentive plan. The options are exercisable at $1.83 per share and will vest over a three-year period. The RSUs and DSUs were granted to the management and board of directors, respectively, with vesting and settlement details provided.
01/24/2024 - 06:00 AM
VANCOUVER, British Columbia, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime ” or the “Company ”) (TSX: PRYM) (OTCQX: PRMNF) ( Frankfurt: 04V3) announces that it has granted a total of 991,626 incentive stock options (the “Options ”), 455,846 restricted share units (the “RSUs ”) and 661,202 deferred share units (the “DSUs ”) in accordance with the long-term incentive plan (the “Plan”) adopted by the Company.
The Options were granted to Management of the Company and are exercisable at the price of $1.83 per share. The Options will vest and become exercisable over a three year period, with one-third vesting on the first year anniversary of the grant, one-third on the second year anniversary, and one-third on the third year anniversary.
The RSUs were granted to the Management of the Company with each RSU equivalent to one Common Share or, at the Corporation's option, a cash payment equal to the Fair Market Value (as defined in the Plan) of such Common Share (with the additional option of receiving any combination of cash and Common Shares). The RSUs will vest over a three year period, with one-third vesting on the first year anniversary of the grant, one-third on the second year anniversary, and one-third on the third year anniversary. Settlement will occur at the end of the third year.
The DSUs were granted to the Board of Directors and will vest after twelve months, or upon the adoption of a revised long-term incentive plan which permits earlier vesting. Settlement will occur when a director resigns from or ceases to be a member of the Board, or in connection with a change of control, and is payable in either cash or commons shares at the discretion of the board of directors on the settlement date.
About the Los Reyes Gold and Silver Project
Los Reyes is a rapidly evolving high-grade, low sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. Since acquiring Los Reyes in 2019, Prime has spent approximately CAD$48 million on direct exploration activities and has completed over 168,000 m of drilling. On May 2, 2023, Prime announced an updated multi-million-ounce high-grade open pit constrained resource (see below, and refer to the May 2, 2023 press release for more details).
May 2, 2023 Resource Statement
Drilling is ongoing and suggests that the three known main deposit areas (Guadalupe, Central and Z-T) are larger than previously reported. Potential also exists for new discoveries where mineralized trends have been identified outside of the currently defined resource areas.
Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime’s acquisition, recent operators of Los Reyes had spent approximately US$20 million on exploration, engineering, and prefeasibility studies.
Qualified Person
About Prime Mining
Prime is managed by an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators all focused on unlocking the full potential of the Los Reyes Project. The Company has a well-planned capital structure with a strong management team and insider ownership. Prime is targeting a material resource expansion at Los Reyes through a combination of new generative area discoveries and growth, while also building on technical de-risking activities to support eventual project development.
ON BEHALF OF THE BOARD OF DIRECTORS
Daniel Kunz
For further information, please contact:
Daniel Kunz daniel@primeminingcorp.ca
Scott Hicks scott.hicks@primeminingcorp.ca
Prime Mining Corp.info@primeminingcorp.ca
Cautionary Notes to U.S. Investors Concerning Resource Estimates
Forward Looking Information
This news release contains certain “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the perceived merit of the Company’s properties, including additional exploration potential of Los Reyes, potential quantity and/or grade of minerals, the potential size of the mineralized zone, metallurgical recoveries, and the Company’s exploration and development plans in Mexico. Forward-looking statements are statements that are not historical facts which address events, results, outcomes, or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve several risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, risks inherent in the estimation of mineral resources; and risks associated with executing the Company’s objectives and strategies, including costs and expenses, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated August 21, 2023, available on www.sedarplus.ca. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a733d00b-9b58-4297-a63c-246d1da2a1fb
Prime Mining Corp. granted a total of 991,626 incentive stock options.
The options are exercisable at the price of $1.83 per share.
The RSUs were granted to the Management of the Company.
The RSUs will vest over a three-year period, with one-third vesting on the first year anniversary of the grant, one-third on the second year anniversary, and one-third on the third year anniversary.
The DSUs were granted to the Board of Directors.
The DSUs will vest after twelve months, or upon the adoption of a revised long-term incentive plan which permits earlier vesting.
