Prospect Ridge plans C$1.5M private placement of flow-through units

Prospect Ridge Resources Corp. (CSE: PRR) (OTC: PRRSF) announced a non-brokered private placement to raise up to C$1,500,000 through the sale of critical metals flow-through units, according to a company statement.

The offering consists of up to 20,000,000 units priced at C$0.075 each. Each unit includes one critical metals flow-through common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one non-flow-through common share at C$0.10 for two years following closing. The warrants are subject to accelerated expiry if the company's shares trade at or above C$0.21 for ten consecutive trading days on the Canadian Securities Exchange.

The company intends to use the proceeds to fund eligible Canadian exploration expenses on its mineral projects in British Columbia. The bulk of the funds are earmarked for a 2,500-meter drill program at its Camelot project near Horsefly, B.C., and for preparation of a spring drill program at its Excalibur project north of Smithers, B.C.

Proceeds from the sale of flow-through shares must be spent on qualifying resource exploration expenses on or before December 31, 2027. Qualifying expenditures will be renounced to subscribers with an effective date no later than December 31, 2026.

Closing of the offering is subject to conditions including acceptance by the Canadian Securities Exchange. All securities issued will carry a hold period of four months plus one day from closing. The company may pay finder fees subject to applicable regulations.

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