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Golden Ridge Resources Announces $1.45M Financing with a Strategic Investment from Eric Sprott
(TheNewswire) TheNewswire - June 25, 2021 - GOLDEN RIDGE RESOURCES LT...
About this update from Golden Ridge Resources Ltd.
[{"type":"text","content":"Golden Ridge Resources Announces $1.45M Financing with a Strategic Investment from Eric Sprott\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n TheNewswire -\n \n \n June 25, 2021 -\n \n \n GOLDEN RIDGE RESOURCES LTD.\n(TSXV:GLDN)\n \n \n (\"\n \n \n Golden Ridge\n \n \n \" or\nthe \"\n \n \n Company\n \n \n \")\n \n \n is pleased to announce\n \n \n it intends to complete a non-brokered private placement\nfinancing for\n \n \n $1,450,000 (the “\n \n \n Offering\n \n \n ”),\nincluding a strategic investment by Eric Sprott.\n \n \n \n \n The Offering will include 5,370,370 units (each a\n“Unit”) at a price of $0.27 per Unit.  Each Unit will comprise of\none common share and one-half of one common share purchase warrant\n(each whole warrant at “\n \n \n Warrant\n \n \n ”) of Company. Each Warrant will\nentitle each subscriber to purchase one additional common share for a\n24-month period from the date of issuance at an exercise price of\n$0.50 per common share.\n \n \n \n \n Proceeds raised from the Offering will be used for\ngeneral working capital and to further the Company’s Newfoundland\nproject portfolio.\n \n \n The\n \n \n closing of the Offering is subject to certain conditions\nincluding, but not limited to, the receipt of all necessary regulatory\nand other approvals, including the approval of the TSX Venture\nExchange\n \n \n .\n \n \n \n \n All securities issued pursuant to the Offering will be\nsubject to a statutory four month and one day hold period from the\ndate of issuance under applicable securities laws.\n \n \n \n \n Mr. Sprott, the subscriber in the Offering, is\nconsidered a related party of the Company under Multilateral\nInstrument 61-101 as a result of him owning more than 10% of the\ncurrently issued and outstanding common shares of the Company. As a\nresult, the issuance of common shares to Mr. Sprott, pursuant to the\nOffering, will be considered a related party transaction. The Company\nwill be relying on exemptions from the formal valuation and minority\nshareholder approval requirements provided under sections 5.5(a) and\n5.7(a) of Multilateral Instrument 61-101 on the basis that\nparticipation in the Offering by Mr. Sprott does not exceed 25% of the\nfair market value of the Company's market capitalization.\n \n \n \n \n None of the securities so...