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Prime Meridian Signs LOI on Silica Project and will Test the Silica for Suitability as a Hydraulic Fracturing Proppant

Posted by nexvucapital on July 31, 2014

Prime Meridian Signs LOI on Silica Project and will Test the Silica for Suitability as a Hydraulic Fracturing Proppant

Vancouver, B.C.: Prime Meridian Resources Corp. (“Prime” or the “Company”) (TSX-V Symbol: PMR) is pleased to announce that it has executed a binding letter of intent (the “LOI”), pursuant to which the Company has been granted an option (the “Option”) to acquire a 10% interest in the Chambord Hydrothermal Quartz property (the “Property”) of Phoenix Metals Corporation (the “Optionor”).

The Company will have an exclusive period (the “Testing Period”) to test the mineralization from the Property for its suitability as a mineral source for the production of hydraulic fracturing proppants. The Company can exercise the Option by expending a minimum of $100,000 on the testing process. Upon the successful completion of testing the parties will form a Joint Venture to develop the Property.

Prime Meridian is focused on the development of minerals for the production of hydraulic fracturing proppants.

Post-Consolidation Financing

Prime has modified the warrant terms of its current non-brokered private placement (post Consolidation) of up to 5.0 million units at a price of ten cents per unit ($0.10) to raise proceeds of up to $500,000. Each unit will now consist of one common share and one common share purchase warrant (the “Unit Warrants”) with each Unit Warrant entitling the holder to acquire one additional common share at a price of 50 cents ($0.50) per share for one year from closing. The Unit Warrants are subject to the right of the Company to accelerate the exercise period for the Unit Warrants if the common shares of the Company trade above 60 cents ($0.60) for a period of 10 consecutive trading days. The proceeds of the private placement will be allocated toward general working capital purposes.

The Company may pay finders’ fees on the private placement proceeds to certain parties in accordance with the policies of and subject to the approval of the TSX Venture Exchange.

On behalf of the Board of Directors of
Prime Meridian Resources Corp.

“Brian Leeners”

Brian Leeners, CEO & Director

For further information, please refer to our website or contact:

Prime Meridian Resources Corp.
TEL: 604-893-8384

Neither the 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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