Business
Golden Ridge Resources Announces Proposed C$2-Million Best Efforts Private Placement in Furtherance of Previously Announced Acquisition of Majority Interest in Brazilian Mining Producer MM Group LTDA
VANCOUVER, British Columbia , Jan. 29, 2025 (GLOBE NEWSWIRE) -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSX-V: GLDN) is pleased to announ
About this update from Golden Ridge Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia , Jan. 29, 2025 (GLOBE NEWSWIRE) -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSX-V: GLDN) is pleased to announce that it has entered into an engagement agreement with Haywood Securities Inc. (“Haywood” or the “Lead Agent”), as sole bookrunner and lead agent, and on behalf of a syndicate of agents including Ventum Financial Corp. (collectively with the Lead Agent, the “Agents”), pursuant to which the Agents have agreed to sell, on a “best efforts” private placement basis, 20,000,000 subscription receipts of Golden Ridge (the “Subscription Receipts”) at a price of C$0.10 per Subscription Receipt (the “Issue Price”) for aggregate gross proceeds of C$2,000,000 (the “Concurrent Offering”). Closing of the Concurrent Offering is expected to occur on or about the week of February 24, 2025, or such other date as agreed between Haywood and Golden Ridge, each acting reasonably. The Concurrent Offering is being conducted in conjunction with a reverse take-over transaction (the “Proposed Transaction”) pursuant to the terms of a securities exchange agreement (the “Definitive Agreement”) dated June 5, 2024 (as amended from time to time) between the Company, MM Group LTDA. (“MMG”), Minas Mineração Ltda. and certain members of MMG (collectively, “MM Group”), in accordance with TSX Venture Exchange Policy 5.2 – Changes of Business and Reverse Takeovers and shall result in the common shares (the “Resulting Issuer Shares”) of the resulting issuer from the Proposed Transaction (the “Resulting Issuer”) becoming listed on the TSX Venture Exchange (the “Exchange”). The Proposed Transaction remains subject to the approval of the Exchange. The proceeds of the Concurrent Offering are expected to be used to fund the general working capital requirements of the Resulting Issuer. The Subscription Receipts will be created and issued pursuant to the terms of a subscription receipt agreement (the “Subscription Receipt Agreement”) between Golden Ridge, Haywood (on behalf of the Agents) and an escrow agent mutually acceptable to Golden Ridge and Haywood (currently expected to be Computershare Trust Company of Canada) (the “Subscription Receipt Agent”). Each Subscription Receipt will be automatically converted, without payment of additional consideration or further action by the holder thereof, into one unit of the...