Prospect Ridge closes $1.63M private placement financing

Prospect Ridge Resources Corp. (CSE:PRR)(OTCQB: PRRSF)(FRA:OED) completed the final tranche of its flow-through unit private placement, raising $50,000 through the issuance of 416,667 units at $0.12 per unit.

The Vancouver-based exploration company raised aggregate gross proceeds of $1,632,800.16 across three tranches through the sale of 13,606,668 flow-through units. Each unit comprises one flow-through common share and one-half warrant, with each full warrant exercisable at C$0.18 for two years.

The warrants include an acceleration clause that triggers expiry if the company's shares trade at $0.35 or higher for ten consecutive trading days on the Canadian Securities Exchange.

Company insiders purchased 963,333 units, representing approximately 1% of issued shares or 1.47% if associated warrants were exercised immediately. Securities from the third tranche are subject to a statutory hold period until April 4, 2026.

Prospect Ridge plans to allocate approximately 50% of proceeds to finance a 2,000-meter drill program at its Camelot project near Horsefly, British Columbia. The remaining funds will support drilling at the company's Excalibur and Castle projects.

The proceeds will be used for eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures under Canada's Income Tax Act. All funds must be spent on the company's British Columbia mineral projects.

The company's exploration portfolio focuses on copper and gold properties in the Golden Horseshoe and Cariboo regions of north-central British Columbia.

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