Prospect Ridge Closes First Tranche of Flow-Through Unit Offering

Prospect Ridge Resources Corp. has announced the closing of the first tranche of its private placement of critical mineral flow-through units, totaling gross proceeds of $1,345,125.15. The issuance involved 17,935,002 units priced at $0.075 each. Finder fees amounted to $88,200.01, and 1,176,000 warrants were issued, exercisable at $0.10 within two years. The securities are subject to a hold period until February 14, 2027.

Company insiders purchased 335,000 of these units, making up 1.87% of the total issued. This insider participation is classified as a related party transaction under MI 61-101 but meets exemptions from certain valuation and approval requirements.

The proceeds are earmarked for exploration expenses in British Columbia, particularly for drill programs at the Camelot and Excalibur projects.