Prospect Ridge Resources closes $800,500 flow-through private placement

Prospect Ridge Resources Corp. (CSE:PRR)(OTCQB: PRRSF)(FRA:OED) announced the completion of its non-brokered flow-through private placement, raising gross proceeds of $800,500 through the issuance of 8,894,444 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 per share for two years from closing, with accelerated expiry provisions if the company's shares trade at $0.25 or higher for ten consecutive trading days on the Canadian Securities Exchange.

The company paid finder fees totaling $53,200 in cash and issued 591,111 finder warrants with terms matching the placement warrants. All securities issued carry a statutory hold period expiring April 30, 2026.

Company insiders purchased 240,000 flow-through units for $21,600, representing 2.70% of the total units issued. The insider participation constituted a related party transaction under Multilateral Instrument 61-101, though the company relied on exemptions from formal valuation and minority shareholder approval requirements.

Prospect Ridge plans to use the proceeds for Canadian exploration expenses qualifying 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 Vancouver-based exploration company focuses on critical metals and gold properties in the Golden Horseshoe and Cariboo regions of north-central British Columbia. The placement closing remains subject to certain conditions including exchange acceptance.

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