Day: October 22, 2015

The net proceeds from the Offering will be used by Prospero for exploration expenditures on its Petate project in Mexico and for general working capital purposes. All securities issued in connection with the Offering will be subject to a hold period expiring four months and one day following the closing of the Offering.

“We are taking significant steps to meet the challenge of low commodity prices,” said Don Lindsay, President and CEO. “We have reduced costs throughout the company and we’ve raised nearly $1 billion in two streaming transactions. We used a portion of those proceeds to reduce debt by $400 million and our current cash balance of $1.8 billion exceeds our remaining $1.5 billion share of capital required for Fort Hills.”