Strong Demand: Prismo Metals Significantly Increases Financing for Silver-King Drilling

Silver is heading towards new record highs again, and many silver companies are benefiting from this development. This also applies to the Canadian Prismo Metals (CSE PRIZ / WKN A2QEGD).

The company of CEO Alain Lambert, which is investigating the formerly producing Silver King Mine in Arizona, USA, for further precious metal deposits, has already risen by around 178% since the low in the middle of the year.

The interest in Prismo and its projects – including another extremely promising copper project also in Arizona – is not only reflected in trading on the stock exchange. As the company has just announced, it has increased a recently announced financing from 12.5 to 17.45 million units due to the great rush!

Each unit consists of one common share at CAD 0.10 and a warrant entitling the holder to purchase another Prismo share at a price of 0.175 for a period of 36 months. This gives Prismo gross proceeds of CAD 1.745 million. In addition, it is expected that additional units worth approximately CAD 125,000 will be issued in the next few days.

The company will invest the fresh funds primarily in drilling at the Silver King Mine. From there, Prismo reported silver values of 619 g/t and 511 g/t from the area of the Silver King shaft and 757 g/t silver in a newly described polymetallic vein after taking samples at the end of September. The silver contents were accompanied by 1.5% copper (Cu), 6.7% lead (Pb) and 11.5% zinc (Zn). In a separate replacement zone, copper contents of between 1.11% and 2.43% were also measured.

We are already looking forward to the hopefully prompt start of drilling!

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