May 10, 2017 — Vancouver, B.C. – Prospero Silver Corp (PSL.V; the “Company” or “Prospero”) is pleased to announce that it has closed the C$1.5-million strategic investment from Fortuna Silver Mines Inc. (“Fortuna”) which was announced on April 17, 2017.
Fortuna has purchased 5,357,142 units at C$0.28 per unit. Each unit comprises one common share in Prospero and one warrant entitling Fortuna to acquire one additional Prospero common share at C$0.35 for a period of 36 months. Prospero will allocate C$1.2 million to drill testing selected projects and C$300k will be allocated towards Prospero’s generative efforts in Mexico. Fortuna will have the right to select one of the projects within 18 months from signing of the definitive agreement to joint venture with Prospero, potentially earning in to a 70% interest by spending US$8 million over 6 years and completing a Preliminary Economic Analysis on the selected property.