Prospect Ridge closes first tranche of flow-through private placement

Prospect Ridge Resources Corp. (CSE: PRR, OTC: PRRSF, FRA: 0ED) closed the first tranche of a non-brokered private placement, issuing 17,935,002 flow-through units at $0.075 each for gross proceeds of $1,345,125.15, according to a company statement.

The company paid $88,200.01 in finder fees and issued 1,176,000 finder warrants exercisable at $0.10 for two years. All securities issued carry a statutory hold period expiring February 14, 2027.

Company insiders purchased 335,000 of the flow-through units, representing approximately 1.87% of the total units issued in the first tranche. The transaction qualifies as a related-party transaction under Multilateral Instrument 61-101, though the company said it is relying on exemptions from formal valuation and minority shareholder approval requirements.

Prospect Ridge said it intends to use proceeds to fund eligible Canadian exploration expenses, including a 2,500-meter drill program at its Camelot project near Horsefly, British Columbia, and preparations for a spring drill program at its Excalibur project north of Smithers, British Columbia.

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