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Prime Meridian Non-Brokered Private Placement to Raise up to $1.5 Million with up to 30 Million Units at $0.05 per Unit

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Prime Meridian (TSXV:PMR) Non-Brokered Private Placement to Raise up to $1.5 Million with up to 30 Million Units at $0.05 per Unit. Net proceeds will be used for exploration and drilling on the newly acquired La Verde Copper Project and for general working capital.

Additional Information:

Company: Prime Meridian Resources
Website: https://www.primemeridianresources.com/
Stock Symbol: TSXV:PMR
Date Published: Jul 22, 2022
Transcript: Available

Video Transcript:

Prime Meridian Resources (TSXV:PMR) has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $1.5 million from the placement of up to 30 million units priced at $0.05 per unit.

The units consist of 1 share and 1 warrant, with each full warrant exercisable at $0.10 for 36 months, subject to an acceleration clause.

The shares are trading at $0.05, following trading resumption in May, following a lengthy halt after the company announced a major acquisition in December.

Net proceeds will be used for exploration and drilling on the newly acquired La Verde Copper Project and for general working capital.

The La Verde Copper Project is located in Central Sonora State, Mexico, approximately 50 kilometres northwest of the city of Hermosillo.

The La Verde Copper Project comprises nine mineral concessions covering 2,493 hectares and includes the previously producing La Verde Grande Mine which was the subject of historical copper and silver production between 1903 and 1981.

The Project also contains multiple skarn-style targets identified within an area of 12 square kilometres surrounding the La Verde Grande Mine.

At the time of the announcement of the acquisition, Brian Leeners, CEO, stated: "We have been financing and developing copper projects in Canada, the USA and Mexico for over 20 years and the opportunity at La Verde is the best I have seen over that time period, as it provides a potentially significant value proposition from the combination of a near-term production opportunity from the skarns and the exciting prospect of a new copper porphyry discovery in one of the world's most productive copper belts. We also know that timing is important in the copper sector and there has never been a better time based on the historic transitions going on in the global copper market."

The La Verde Project also has the potential to host a copper porphyry system based on historical drilling and surface exploration work.

The most recent porphyry drilling was conducted in 2000, when 8 diamond drillholes tested several coincident geochemical and geophysical anomalies.

The drilling encountered weak sericite and silica alteration which was pyrite dominant and contained anomalous values of copper and molybdenum northeast of the La Verde Grande Mine.

The company intends to advance the copper porphyry exploration toward the La Verde Grande Mine area to test if the copper core of the porphyry system is proximal to the skarn-style copper mineralization in that area of the Project.

The company's plan is to fast-track the exploration and development of the known Copper-Zinc=Silver-Gold skarn zones, while evaluating, in parallel, the significant opportunity for the discovery of copper porphyry mineralization proximal to those skarn zones.

For more information, please visit the company’s website at www.PrimeMeridianResources.com, contact Brian Leeners, CEO, at 844-727-5631 or by email at IR@PrimeMeridianResources.com.