Prospector Announces closing of C$7,500,000 Private Placement
Summary
PROSPECTOR RESOURCES CORP. (Prospector or the Company) (TSXV:PRR) has completed a private placement of common shares previously announced on February 1, 2017.Prospector issued 15,000,000 common shares of the Company at a price of C$0.50 per common share for aggregate gross proceeds of C$7,500,000 (the Private Placement). Clarus received a work fee of $25,000 for its role as agent.The Directors of the Company and a 10% shareholder participated in the Private Placement for aggregate gross proceeds of C$1,763,500. The Company has determined that exemptions from the various requirements from the related party requirements of Multilateral Instrument 61-101 (MI 61-101) are available for the Private Placement.All securities issued under the Private Placement are subject to a four-month hold period, in addition to the resale restrictions imposed by applicable securities laws. As a result of the Private Placement, Alex Black, President, Chief Executive Officer and a Director of the Company owns and exercise control over an aggregate 21,500,000 common shares representing 36.02% of the issued and outstanding common shares of the Company, calculated on a non-diluted basis. A copy of the Early Warning Reports filed pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues will be available under the Companys profile at .Completion of the Private Placement is subject to certain conditions including, not but limited to, the receipt of all necessary regulatory approvals including TSXV acceptance.