Prospero Silver Corp.

Prospero Silver Corp.

December 23, 2009 18:55 ET

Prospero Silver Corp. Completes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Dec. 23, 2009) - Prospero Silver Corp. ("Prospero" or the "Company") is pleased to announce the completion of its initial public offering (the "Offering") of 5,142,856 units (the "Units") at a price of $0.35 per Unit, each consisting of one common share and one-half of one non-transferable common share purchase warrant (the "Warrants"), for gross proceeds of $1.8 million. Each whole Warrant entitles the holder thereof to purchase one additional common share for a period of 12 months from closing at an exercise price of $0.50 per Warrant share. The TSX Venture Exchange ("TSXV") has conditionally approved the listing of Prospero's common shares under the symbol "PSL". The listing remains subject to the Company fulfilling all of the TSXV's listing requirements, including evidence of adequate public distribution of Prospero's common shares. With the closing of the initial public offering, Prospero will now file with the TSXV the materials that it understands will fulfill the remaining TSXV conditions, allowing for the commencement of public trading on January 5, 2010.

Canaccord Financial Ltd. (the "Agent") acted as agent in connection with the Offering. Prospero has paid the Agent a commission of $108,225.92 in cash, and 127,925 Units (the "Agent's Commission Units"). In addition, Prospero has granted warrants to the Agent (the "Agent's Warrants") to acquire 514,285 common shares for a period of 12 months from the date of closing at an exercise price of $0.35 per share. The Agent's Warrants were qualified by and distributed pursuant to Prospero's final Prospectus dated November 27,. 2009 (the "Prospectus"). Prospero has also paid the Agent $15,000 plus taxes, and 40,000 Units (the "Corporate Finance Units") as a corporate finance fee. The Agent's Commission Units and Corporate Finance Units have the same terms as the Units. The common shares and warrants forming the Agent's Commission Units and Corporate Finance Units are subject to a 4-month hold period expiring on April 24, 2010.

The proceeds from the Offering will be used for the purposes set forth in the Prospectus. A copy of the Prospectus can be viewed on SEDAR (http://www.sedar.com).

About Prospero Silver Corp.

Prospero is a mineral exploration company. Prospero currently holds an option to acquire a 100% interest in the Cordero Property, located near San Luis del Cordero in Durango State, Mexico. Prospero's principal focus is on the Cordero Property located in Mexico. In addition to the development of the Cordero Property, the further objective is on the discovery and development of new mining projects in Mexico which involve either grass roots exploration or assemblage of land packages on prospective ground.

This news release contains forward-looking statements within the meaning of Canadian provincial securities laws applicable to the Company, regarding the anticipated commencement of public trading of the Company's common shares on the TSX Venture Exchange. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, the Company's inability to satisfy the TSX Venture Exchange's conditions for listing. All of the Company's public disclosure filings may be accessed at www.sedar.com, and readers are urged to review these materials, including any technical reports filed with respect to the Company's mineral properties. This news release is not, and is not to be construed in any way as, an offer to buy or sell securities.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Prospero Silver Corp.
    Warwick Smith
    Vice-President, Corporate Development
    604-484-4954