Prospect Ridge Resources announces $3 million private placement

Prospect Ridge Resources Corp. (CSE:PRR)(OTCQB: PRRSF)(FRA:OED) announced a non-brokered private placement offering of up to $3 million through the issuance of up to 25 million critical mineral flow-through units priced at $0.12 per unit.

Each unit consists of one flow-through common share and one-half warrant. Whole warrants are exercisable at $0.18 for two years after closing to purchase non-flow-through common shares. The warrants include an accelerated expiry provision if the company's shares trade at $0.35 or higher for ten consecutive trading days on the Canadian Securities Exchange.

The company plans to use proceeds from the flow-through shares for eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures under Canada's Income Tax Act. The majority of funds will finance a 2,000-meter drill program at the company's Camelot project near Horsefly, British Columbia.

The offering requires certain closing conditions, including regulatory approvals and Canadian Securities Exchange acceptance. Securities issued will be subject to a four-month-plus-one-day hold period from closing. The company may pay finder fees in compliance with securities laws and exchange policies.

Prospect Ridge Resources is a British Columbia-based exploration and development company focused on critical metals and gold in the Golden Horseshoe and Cariboo regions of north-central British Columbia.

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