Prospect Ridge Announces Non-Brokered Private Placement

Executive Summary

• Prospect Ridge Resources Corp. announced a non‑brokered private placement of up to $3,000,000 through the issuance of up to 25 million critical‑mineral flow‑through units at $0.12 per unit.
• Each unit consists of one flow‑through common share and half of a warrant (full warrant exercisable at $0.18 for two years, with accelerated expiry if the share price reaches $0.35 for ten consecutive trading days).
• Proceeds are earmarked primarily to fund a 2,000‑meter drill program on the Camelot project in British Columbia and other eligible Canadian exploration expenses.

Key Details

• Offering Size: Up to $3,000,000 gross proceeds.
• Units Offered: Up to 25,000,000 units at $0.12 per unit.
• Unit Composition:
• 1 flow‑through common share (FT Share)
• ½ warrant; two halves combine into one full warrant.
• Warrant Terms:
• Exercise price $0.18 per warrant share.
• exercisable for two years after closing.
• Accelerated expiry if CSE share price ≥ $0.35 for ten consecutive trading days.
• Use of Proceeds:
• Primarily to finance a newly announced 2,000‑meter drill program on the Camelot project (near Horsefly, B.C.).
• Remaining funds to cover other eligible Canadian exploration expenses qualifying as flow‑through critical‑mineral mining expenditures under the Income Tax Act.
• Closing Conditions: Subject to receipt of all required approvals, including acceptance by the Canadian Securities Exchange.
• Statutory Hold Period: All securities subject to a four‑month plus one day hold period from closing.
• Finder Fees: Company may pay finder fees in compliance with applicable securities laws and exchange policies, pending necessary regulatory approvals.
• U.S. Offering Restrictions: Units are not registered under the U.S. Securities Act and cannot be offered or sold to U.S. persons absent an exemption.

Notable Quotes

(No direct quotes were included in the release.)