Prismo Metals Announces Closing of Private Placement and Further Upsizing
Prismo Metals Announces Closing of Private Placement
and Further Upsizing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, July 31st, 2025 – Prismo Metals Inc. (“Prismo” or the “ Company”)
(CSE: PRIZ) (OTCQB: PMOMF) is pleased to announce that further to its news releases dated July 3,
2025 and July 18, 2025, the Company has proceeded with an upsized second closing of its previously
announced non-brokered private placement of units of the Company (“ Units”) at an issue price of
$0.05 per Unit (the “Private Placement”). The second closing of the Private Placement was increased
from 2,000,000 Units to the issuance of 2,340,000 Units for gross proceeds of $117,000. The Company
previously announced a first closing of the Private Placement on July 18, 2025 for aggregate gross
proceeds of $575,000. Due to strong investor demand, the Company has now raised aggregate gross
proceeds of $692,000 through the sale of an aggregate of 13,840,000 Units.
Each Unit consists of one common share of the Company (a “ Share”) and one-half of one common
share purchase warrant of the Company (each whole warrant, a “ Warrant”). Each Warrant entitles
the holder to purchase one Share for a period of twenty-four (24) months from the date of issue at
an exercise price of $0.10.
The Company further announces that it has received commitments for and intends to complete an
additional private placement through the issuance of 6 million units of the Company at an issue price
of $0.06 per unit for additional gross proceeds of $360,000, which is expected to close on or about
August 7th, 2025 (the “ Third Closing”). Each $0.06 unit will be comprised of one Share and one-half
of one Warrant.
The Company intends to use the aggregate proceeds from the Private Placement (including the Third
Closing) for exploration at the Company’s Silver King project as well as for working capital and general
corporate purposes. There may be circumstances, however, where for sound business reasons, a
reallocation of funds may be necessary. The gross proceeds from the three closings will total
$1,052,000 and reflects investors' interest in Prismo’s recently optioned silver projects in Arizona, the
historical high-grade Silver King and Ripsey mines.
Dr. Craig Gibson, Prismo’s Chief Exploration Officer said: "The team has arrived on site, and we are
about to begin a detailed mapping and sampling program at both projects at surface exposures and
in accessible underground workings. A drill program is planned for Silver King, with about 1,000
metres initially. The Silver King drill program is designed to test the mineralized body at four
elevations, as well as lateral to the pipelike body. Dewatering of the Silver King shaft to gain access
to the upper levels may also be undertaken as submersible pumps are in place."
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Prismo also announces that it has entered into a debt settlement agreement (the “Agreement”)
with a creditor of the Company (the “Creditor”) pursuant to which the Company agreed to issue
to the Creditor, and the Creditor agreed to accept, an aggregate of 1,375,000 common shares of
the Company (each, a “ Settlement Share”) at a price of $0.06 per Settlement Share in full and
final settlement of accrued and outstanding indebtedness owing to the Creditor in the aggregate
amount of US $60,000 (CA $82,500) (the “ Debt Settlement”). The Creditor is one of the original
optionors of the Palos Verdes silver project in Mexico, and the Debt Settlement is for the final
payment owed to the Creditor.
“The Palos Verdes project remains an important asset for Prismo Metals,” said Alain Lambert,
CEO. “We continue to monitor Vizsla Silver’s exploration activities in the Panuco district and how
it might impact our exploration plan at Palos Verdes. Mr. Lambert noted: “In their July 29th, 2025
news release, Vizsla Silver stated: Notable targets to be tested in the central, and east area of the
district with potential to host similar mineral resources to that outlined in Project #1 in the west
include: Jesusita-Palos Verdes is a northeast trending vein target in the east area of the district.
Positive drill results and alteration-based interpretations done by Prismo Metals, combined with
significant silver anomalies on surface and extensive vein outcrops warrant additional drilling at
depth.”
The Palos Verdes project is located in the historic Panuco-Copala silver-gold district in southern
Sinaloa, Mexico, approximately 65 kilometers NE of Mazatlán, Sinaloa, in the Municipality of
Concordia. The Palos Verdes concession (claim) covers 700 meters of strike length of the Palos
Verdes vein, a member of the north-easterly trending vein family located in the eastern part of
the district outside of the area of modern exploration. The project is surrounded on three sides
by Vizsla Silver Corp. (TSE: VZLA).
Shallow drilling (<100m) conducted in 2018 on the Palos Verdes Vein was targeted 30 to 50 meters
beneath largely barren vein outcrops and cut a well mineralized multistage vein two to seven
metres wide with narrow intervals of high-grade precious metal values and subordinate base
metals (see table of intercepts at www.prismometals.com). This mineralization is open in all
directions and the currently planned drilling program is designed to follow it along strike and to
depth.
In connection with the second closing of the Private Placement, the Company issued an aggregate of
12,000 finder’s warrants (the “Finder’s Warrants”) and paid finder’s commissions of $600 to certain
qualified finders. Each Finder’s Warrant is exercisable for a period of 24 months from the date of
issuance to purchase one Share at a price of $0.10.
All securities issued or issuable in connection with the Private Placement and the Third Closing
and the Debt Settlement are subject to a four-month hold period from the closing date under
applicable Canadian securities laws, in addition to such other restrictions as may apply under
applicable securities laws of jurisdictions outside Canada.
Qualified Person
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All scientific and technical information in this news release has been reviewed and approved by
Dr. Craig Gibson, Chief Exploration Officer of the Company, PhD., CPG, and a “qualified person”
for the purposes of National Instrument 43-101.
About Prismo Metals Inc.
Prismo (CSE: PRIZ) is mining exploration company focused on three silver projects (Palos Verdes,
Silver King and Ripsey) and a copper project in Arizona (Hot Breccia).
Please follow @PrismoMetals on Twitter, Facebook, LinkedIn, Instagram, and YouTube
Prismo Metals Inc.
1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6
Phone: (416) 361-0737
Contact:
Alain Lambert, Chief Executive Officer [email protected]
Gordon Aldcorn, President [email protected]
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking
information within the meaning of applicable Canadian securities laws. Forward-looking statements
relate to future events or future performance and reflect the expectations or beliefs of management
of the Company regarding future events. Generally, forward-looking statements and information can
be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or
variations of such words and phrases or statements that certain actions, events or results “may”,
“could”, “should”, “would” or “occur”. This information and these statements, referred to herein as
"forward-looking statements", are not historical facts, are made as of the date of this news release
and include without limitation, statements regarding discussions of future plans, estimates and
forecasts and statements as to management's expectations and intentions with respect to, among
other things, the intended use of any proceeds raised under the Private Placement, the issuance of the
Settlement Shares, the Company’s exploration plans at the Palos Verdes project and the completion
of and use of proceeds from the Third Closing.
These forward-looking statements involve numerous risks and uncertainties and actual results might
differ materially from results suggested in any forward-looking statements. These risks and
uncertainties include, among other things, the potential inability of the Company to utilize the
anticipated proceeds of the Private Placement as anticipated and the risk that the Company will not
complete the Third Closing.
Although management of the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking statements or forward-
looking information, there may be other factors that cause results not to be as anticipated, estimated
or intended. There can be no assurance that such statements will prove to be accurate, as actual
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results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements and forward-
looking information. Readers are cautioned that reliance on such information may not be appropriate
for other purposes. The Company does not undertake to update any forward-looking statement,
forward-looking information or financial out-look that are incorporated by reference herein, except in
accordance with applicable securities laws. We seek safe harbor.