- Prismo Metals Inc. (PRIZ) signed a non-binding letter of intent with Vizsla Silver Corp. (VZLA) for a $2 million investment
- Vizsla intends to acquire four million units of Prismo
- This includes Vizsla having a right of first refusal to purchase the Palos Verdes Project from Prismo
- Prismo and Vizsla may sign definitive agreements, which are expected to be signed by December 16
- Prismo Metals Inc. (PRIZ) is up 5.77 per cent, trading at $0.55 per share as of 12:50 p.m. EST
- Vizsla Silver Corp. (VZLA) is up 0.71 per cent, trading at $1.41 per share as of 1:06 p.m. EST
Prismo Metals (PRIZ) signed a non-binding letter of intent with Vizsla Silver Corp. (VZLA) for a $2 million investment.
The document outlines Vizsla’s intention to acquire four million units of Prismo.
Vizsla will have a right of first refusal to purchase the Palos Verdes Project from Prismo.
Craig Gibson, President and CEO of Prismo, commented on the news.
“We look forward to the combined Prismo-Vizsla brain trust unravelling the geology to unlock the potential of Palos Verdes and the entire Panuco district.”
Each unit is made up of one common share of Prismo and half of one common share purchase warrant. Each warrant allows the holder to acquire one common share of Prismo for $0.75 apiece for a two-year period.
The investment will include a cash payment of $500,000 at closing and one million common shares of Vizsla.
The letter of intent proposes that Prismo and Vizsla will sign definitive agreements, which are expected to be signed by December 16, followed by the strategic investment shortly after.
Prismo Metals Inc. (PRIZ) is up 5.77 per cent, trading at $0.55 per share as of 12:50 p.m. EST.
Vizsla Silver Corp. (VZLA) is up 0.71 per cent, trading at $1.41 per share as of 1:06 p.m. EST.