Greenridge Exploration closes $2 million flow-through financing

Greenridge Exploration Inc. (CSE: GXP) completed a non-brokered private placement of flow-through units for gross proceeds of $2,035,977.65, the company announced December 22.

The Vancouver-based mineral exploration company issued 5,817,079 flow-through units at $0.35 per unit. Each unit consists of one common share issued on a flow-through basis and one warrant. The warrants allow holders to purchase one common share at $0.40 for 24 months from the issuance date.

Company insiders participated in the offering. Chief Executive Officer Russell Starr purchased 2,000,000 units for $700,000, director Mandeep Parmar acquired 142,857 units for $49,999.95, and director Warren Stanyer bought 21,000 units for $7,350.

Greenridge will use the proceeds to incur Canadian exploration expenses that qualify as flow-through mining expenditures under Canada's Income Tax Act. These expenses relate to the company's Canadian projects and will be renounced to subscribers effective December 31, 2025.

The transaction qualifies as a related party transaction under Multilateral Instrument 61-101 due to insider participation. The company relied on exemptions from valuation and minority shareholder approval requirements because the fair market value of securities issued to related parties did not exceed 25% of the company's market capitalization.

All securities issued carry a statutory hold period of four months and one day. The securities have not been registered under U.S. securities laws.

Greenridge holds interests in 21 projects covering approximately 281,100 hectares across Canada, with exposure to uranium, lithium, nickel, copper and gold exploration opportunities.

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