Prospect Ridge Closes Flow-Through Unit Private Placement

Prospect Ridge Resources Corp. announced the successful closing of its non-brokered flow-through private placement. The offering involved the issuance of 8,894,444 flow-through units at $0.09 per unit, generating gross proceeds of $800,500. Each unit comprises one common share and half a warrant, exercisable at $0.15 within two years, contingent on trading conditions.

The placement included $53,200 in finder fees and 591,111 finder warrants. Securities issued are subject to a statutory hold period, expiring April 30, 2026. Insiders purchased 240,000 units, a small fraction of the total, following regulatory exemptions under MI 61-101.

Funds will be directed to Canadian exploration expenses, specifically for projects in British Columbia: Excalibur, Castle, and Camelot. The placement respects necessary regulatory conditions, and the securities are not registered under U.S. laws, precluding sales in the U.S. market.