Prospect Ridge closes second tranche of private placement for $288,800

Prospect Ridge Resources Corp. (CSE:PRR)(OTCQB: PRRSF)(FRA:OED) completed the second tranche of its flow-through private placement, issuing 2,406,667 flow-through units at $0.12 each for gross proceeds of $288,800.04.

The Vancouver-based exploration company paid $4,102.21 in cash and issued 34,183 finder warrants exercisable at $0.18. All securities from this tranche are subject to a hold period expiring March 14, 2026.

Company insiders purchased 963,333 flow-through units worth $115,599.96, representing 40.03% of the second tranche. The shares acquired by insiders represent 0.99% of outstanding common shares, or 1.48% including warrants.

The insider participation constitutes a related party transaction under Multilateral Instrument 61-101. The company is relying on exemptions from formal valuation and minority shareholder approval requirements because the transaction value does not exceed 25% of market capitalization.

Prospect Ridge plans to use the proceeds for Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures. The funds will primarily finance a 2,000-meter drill program at the company's Camelot project near Horsefly, British Columbia.

The closing remains subject to certain conditions, including exchange acceptance. The company announced the initial flow-through placement on October 17, 2025.

Prospect Ridge focuses on critical metals and gold exploration in British Columbia's Golden Horseshoe and Cariboo regions. The company's portfolio includes properties in north-central British Columbia.

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