Prospect Ridge Resources announces $800,000 private placement

Prospect Ridge Resources Corp. (CSE:PRR)(OTCQB: PRRSF)(FRA:OED) announced a non-brokered private placement offering of up to $800,000 through the issuance of up to 8,888,889 critical mineral flow-through units at $0.09 per unit.

Each unit consists of one flow-through common share and one-half warrant. Whole warrants are exercisable at $0.15 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 $0.25 or higher on the Canadian Securities Exchange for ten consecutive trading days.

The Vancouver-based exploration company intends to use proceeds from the flow-through shares for Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures under Canada's Income Tax Act. The funds will support 2026 drilling programs at the company's Excalibur, Castle and Camelot projects in British Columbia.

"The additional funds will alleviate market uncertainty and ensure that the Company is able to secure all required contractors and supplies early in 2026," said Len Brownlie, president and CEO, in a statement. The company completed a recent financing that added $1.6 million to its treasury.

The offering requires regulatory approvals including acceptance from the Canadian Securities Exchange. All securities will be subject to a four-month-plus-one-day hold period from closing. The company may pay finder fees subject to regulatory approval and compliance with securities laws.

The securities have not been registered under U.S. securities laws and may not be offered or sold in the United States without registration or applicable exemptions.

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