Vancouver, British Columbia – (Newsfile Corp. – March 9, 2021) – Prospero Silver Corp.(TSXV: PSL.H) (the “Company”) is pleased to announce that it has guaranteed debt extension agreements with creditors representing the majority of the outstanding debts of the Company, the termination of debt extension agreements. contract and employee services and new working capital, by way of loans, which will be used to pay for expenses incurred in the ordinary course of business.

William Murray, CEO of the company, said: “These agreements allow the board of directors of the company to analyze and consider alternative capital reorganization strategies, reactivation plans and potential acquisitions or mergers.

William Murray added: “To be clear, the Company does not have any agreement of any kind to acquire any material asset or business or obtain equity financing at this time.”

The Company has entered into debt extension agreements covering $ 264,306 of liabilities currently due and payable of the Company, including a total of $ 148,806 owed to the directors and officers of the Company. The debt extension agreements provide that the amounts covered will be paid, without interest, within five working days following the date which is the earliest of the following dates:

i) the date on which the Company successfully completes cumulative common share financings, after the date hereof, of at least $ 500,000; and

ii) 24 months from the date hereof.

In addition, the Company has entered into agreements to: (a) terminate all existing employee, management and advisory services agreements, including an agreement with the CEO of the Company, without further payment or penalty, effective February 28, 2021; and (b) cancel all existing stock option agreements for employees, directors and consultants.

Finally, the Company has obtained loan agreements for the necessary working capital totaling $ 50,000, including $ 27,500 from the directors of the Company. Working capital loans will not be guaranteed and will bear interest calculated at 10% per annum. Repayment will be made under the same conditions as the debt extension agreements described above. Loan agreements are subject to acceptance by the NEX Board of Directors of the TSX Venture Exchange.

The working capital loans to be advanced by the directors of the Company constitute related party transactions within the meaning of policy 5.9 of the TSX Venture Exchange which essentially adopts Multilateral Instrument 61-101 on the protection of holders of minority securities. in special operations (“MI 61-101”). The Company has relied on the exemptions from the formal assessment and minority shareholder approval requirements of NI 61-101 contained in Sections 5.5 (a) and 5.7 (1) (a) of NI 61-101 in relation to that relates to related party interests in investments as neither the fair market value (as determined under NI 61-101) of the subject matter of the transaction, nor the fair market value of the transaction consideration, in to the extent that it involved related parties, did not exceed 25% of the Company’s market capitalization (as determined according to MI 61-101).

On behalf of the board of directors

“William Murray”

President, CEO and Director

Phone. : (604) 551-7505

Email: [email protected]

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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