VANCOUVER, British Columbia, Dec. 02, 2022 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime”, or the “Company”) (TSX.V: PRYM, OTCQB: PRMNF, Frankfurt: A2PRDW) is pleased to announce that in connection with its previously announced bought deal private placement, the Company and Desjardins Capital Markets, acting as sole bookrunner and co-lead, on behalf of a syndicate of underwriters co-led by Desjardins Capital Markets and TD Securities Inc. (the “Co-Leads Underwriters” and collectively with the syndicate of underwriters, the “Underwriters”) have agreed to increase the size of the previously announced offering from $16,500,000 to $18,300,000. Pursuant to the amended terms, the Underwriters will offer for sale, on a bought deal basis, 12,200,000 units of the Company (the “Units”) at a price of $1.50 per Unit (the “Offering Price”) for aggregate gross proceeds to Prime of $18,300,000 (the “Offering”). Each Unit will consist of one common share in the Company (each a “Common Share”) and one common share purchase warrant (each a “Warrant”). Each Warrant shall be exercisable for one Common Share at an exercise price of $2.00 for a period of 36 months following the Closing Date (as defined below). If, following the Closing Date, the volume weighted average trading price of the Shares on the TSX Venture Exchange (“TSXV”) for any 10 consecutive trading days equals or exceeds $2.50, the Company may, upon providing written notice to the holders of Warrants, accelerate the expiry date of the Warrants to the date that is 20 days following the date of such written notice.