Canada's Prime Mining nabs $28 mln in warrant exercise program

Prime Mining Corp., a Canadian mineral resource properties company, has raised roughly $28 million through a warrant exercise.

Under the deal, the company issued 14 million common share purchase warrants, which were exercised at $2.00, in connection with a brokered private placement.

Prime will use the proceeds to expedite its 2023 drill program at the Los Reyes Project, allowing it to increase the drilling budget to expand the current mineral resource estimate and conduct drilling of new exploration targets.

Additionally, the company also intends to utilize the extra funds to develop early work programs to de-risk technical aspects of the Los Reyes Project, including metallurgical test work and internal engineering studies.