Prospect Ridge closes $1.84M critical metals flow-through placement

Prospect Ridge Resources Corp. (CSE: PRR) (OTCQB: PRRSF) (FRA: 0ED) has closed the third and final tranche of a non-brokered private placement of critical mineral flow-through units, according to a company statement.

The third tranche issued 2,016,669 flow-through units at $0.075 each, raising gross proceeds of $151,250.18. Securities issued in the third tranche are subject to a statutory hold period expiring March 1, 2027.

Across all three tranches, the company raised $1,836,375 through the issuance of 24,485,004 flow-through units, exceeding its originally planned offering of $1,500,000 by $336,375.

Each unit consisted of one flow-through common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to purchase one common share at $0.10 for two years, subject to accelerated expiry if the company's shares trade at or above $0.21 for ten consecutive trading days on the Canadian Securities Exchange.

In connection with the third tranche, the company paid $8,487.51 in cash finder fees and issued 113,167 finder warrants on the same terms as the offering warrants. No insiders participated in the third tranche. Over all three tranches, insiders purchased 335,000 units, representing less than 1% of issued and outstanding shares.

The company said it intends to use proceeds to fund eligible Canadian exploration expenses, including a planned 2,500-meter drill program at its Camelot project near Horsefly, British Columbia, and preparations for a spring drill program at its Excalibur project north of Smithers, British Columbia.

You May Also Be Interested In

• Freedom Broker Upgrades Mondelez International (MDLZ) to Buy
• S&P cuts Meta outlook to negative amid capex concerns
• Okta to join S&P 500