Prospect Ridge closes $1.29M first tranche of placement

Executive Summary

• Prospect Ridge Resources Corp. has closed the first tranche of its non-brokered flow-through private placement, issuing 10,783,334 flow-through units for gross proceeds of approximately $1.29 million.
• The company intends to use the proceeds primarily to fund a 2,000-meter drill program at its Camelot project in British Columbia, targeting eligible Canadian exploration expenses.
• Insider participation included the purchase of 41,667 units, and the transaction relies on specific exemptions under Multilateral Instrument 61-101 regarding related party transactions.

Key Details

• Transaction Structure: Non-brokered flow-through private placement.
• Units Issued (First Tranche): 10,783,334 flow-through units.
• Gross Proceeds: $1,294,000.08.
• Finder Compensation: $85,400 in cash and 711,667 finder warrants (exercisable at $0.18).
• Insider Participation: Insiders purchased 41,667 flow-through units for $5,000 (approx. 0.39% of the tranche).
• Statutory Hold Period: Expires on February 28, 2026.
• Use of Proceeds: To incur eligible Canadian exploration expenses (flow-through critical mineral mining expenditures) on mineral projects in British Columbia, specifically financing a 2,000-meter drill program at the Camelot project near Horsefly, B.C.
• Regulatory Status: Closing is subject to exchange acceptance and other conditions. The company relies on exemptions from formal valuation and minority shareholder approval under MI 61-101 as the fair market value of the interested party transaction does not exceed 25% of market capitalization.
• Correction Note: The company confirmed that the total number of stock options granted in a previous release (Oct 22, 2025) was 1.3 million.

Notable Quotes

• None provided in the text.