Prospect Ridge Announces Second Tranche Closing of Flow-Through Unit Private Placement

Executive Summary

• Prospect Ridge Resources Corp. closed the second tranche of its non‑brokered flow‑through private placement, issuing 2,406,667 units for gross proceeds of $288,800.04.
• Insiders purchased 963,333 units ($115,599.96), representing ~40 % of the tranche and ~0.99 % of outstanding common shares (potentially 1.48 % after warrant exercise).
• Proceeds will primarily fund a 2,000‑meter drill program at the Camelot project in British Columbia and other eligible Canadian exploration expenses.

Key Details

• Units Issued: 2,406,667 flow‑through units at $0.12 per unit.
• Gross Proceeds: $288,800.04.
• Cash Paid to Insiders: $4,102.21.
• Finder Warrants Issued: 34,183 warrants (exercise price $0.18).
• Insider Participation: 963,333 units purchased for $115,599.96 (~40 % of tranche).
• Ownership Impact: Insiders’ common shares represent ~0.99 % of issued & outstanding shares; up to ~1.48 % after warrant exercise.
• Related‑Party Transaction: Exempted from MI 61‑101 valuation and minority‑shareholder approval requirements under specified thresholds.
• Use of Proceeds:
• Finance eligible “Canadian exploration expenses” qualifying as flow‑through critical mineral mining expenditures.
• Primarily fund the 2,000 m drill program at the Camelot project (near Horsefly, B.C.).
• Statutory Hold Period: All securities subject to hold until 2026-03-14.
• Closing Conditions: Subject to receipt of all necessary approvals, including exchange acceptance.
• U.S. Securities Disclaimer: Units not registered under U.S. securities laws; cannot be offered or sold in the United States absent exemption.

Notable Quotes

(No direct quotes were provided in the release.)