March 1, 2010  
           

Prima Development Ltd. Arranges $500,000 Non Brokered Private Placement

 

The Company is pleased to announce a non-brokered private placement offering (the "Offering") 5,000,000 units (the "Units") at a price of $0.10 per Unit for total proceeds of $500,000. Each Unit consists of one (1) common share and one-half (1/2) of a non-transferable share purchase warrant (Warrant). Each Warrant will entitle the holder thereof to purchase an additional share for a period of twenty four (24) months after closing at a price of $0.20 per share.

 

There is no finders' fees payable on the transaction.  

 

The proceeds from the private placement will be used for production material and equipment, marketing and advertising of its product line to its distributors as well as for general working capital purposes.

 

The closing is expected to be on or before March 31, 2010. All securities issued in the Offering are subject to a four (4) month hold period. Completion of the placement is subject to the approval of the TSX Venture Exchange.

 

ABOUT PRIMA

 

PRIMA'S subsidiary, ENVIROCOAT TECHNOLOGIES, manufactures and distributes the proprietary Envirosmart coatings, Ceramic Insulcoat with Cerylium, to domestic and international markets. Extensive R&D has created a landmark product delivering over 30 significant features including super adhesion, moisture management, and heat resistance, significantly increasing structure life and decreasing energy use.

 

PRIMA is powerfully positioned to expand its share of an $85 billion world market with its distribution partners and strategic alliances in over 70 countries.

 

On Behalf of the Board,

 

Roland Langset

Roland Langset, President                     

 

 

 

 

This press release may include forward-looking statements; including statements relating to the Company's manufacturing capability, marketing strategy, future sales growth, profitability and competitive position.   The words plan, expect, believe, intend, anticipate, forecast, target, estimate, and similar expressions identify forward-looking statements.   Forward-looking statements are based on assumptions made by and information currently available to the Company.   Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected.   The Company does not undertake to review or update these forward-looking statements.

 

The TSX Venture Exchange has not reviewed and does not a ccept responsibility for the adequacy or accuracy of this release.


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