Prospect Ridge Closes First Tranche of Flow-Through Private Placement

Prospect Ridge Resources Corp. has announced the closing of the first tranche of its non-brokered flow-through private placement. The tranche involved 10,783,334 flow-through units issued at $0.12 each, raising gross proceeds of $1,294,000.08. As part of this, the company paid $85,400 in cash and granted 711,667 finder warrants exercisable at $0.18.

Notably, insiders participated by purchasing 41,667 flow-through units, representing 0.39% of the total issued. The involvement of insiders classifies as a related party transaction under MI 61-101 regulations, but exemptions were applied based on market capitalization criteria.

Proceeds are destined for exploration projects in British Columbia, primarily funding a 2,000-meter drill program at the Camelot project. The securities involved have not been registered in the U.S. and are not for U.S. distribution.