Prize Mining Corporation
TSX VENTURE : PRZ.H

Prize Mining Corporation

December 22, 2015 09:28 ET

Prize Mining Corporation Announces Completion of Second Tranche of Previously Announced Non-Brokered Private Placement

CALGARY, ALBERTA--(Marketwired - Dec. 22, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Prize Mining Corporation (TSX VENTURE:PRZ.H) (the "Corporation") is pleased to announce that it has completed the second tranche of its non-brokered private placement of units (the "Offering") previously announced on May 21, 2015.

The Corporation issued 5,280,000 units (the "Units") pursuant to the second tranche of the Offering at a price of $0.05 per Unit for gross proceeds of $264,000. Each Unit issued pursuant to the Offering is comprised of one common share of the Corporation (each a "Common Share") and one half of one common share purchase warrant (each a "Warrant"). Each whole Warrant will be exercisable into one Common Share (the "Warrant Shares") at a price of $0.25 per Warrant Share for a period of 12 months from the closing date of the second tranche of the Offering (the "Warrant Expiry Date"). Subject to the satisfaction of certain conditions, including that the Common Shares of the Corporation are then listed on the TSX Venture Exchange (the "TSXV"), and receipt by the Corporation of TSXV approval, the Warrant Expiry Date will be deemed to be the 24th month anniversary date of the closing date of the Offering.

No compensation was paid in connection with the completion of the second tranche of the Offering.

All securities issued under the second tranche of the Offering are subject to a four-month hold period, expiring on April 21, 2016. The proceeds of the Offering will be used for general working capital purposes and costs associated with the due diligence review of businesses and the negotiation of business combination agreements with owners of business that the Corporation seeks to acquire.

As a result of the closing of the second tranche of the Offering, the Corporation now has 28,591,351 Common Shares issued and outstanding.

Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including final NEX acceptance.

ON BEHALF OF THE BOARD OF PRIZE MINING CORPORATION

Feisal Somji, Chairman and CEO

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither 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.

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