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Greenridge Exploration Announces Closing of Private Placement for Gross Proceeds of CDN $3,500,455.12
VANCOUVER, British Columbia, March 18, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to
About this update from Greenridge Exploration Inc
[{"type":"text","content":" VANCOUVER, British Columbia, March 18, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (“Greenridge” or the “Company”) (CSE: GXP | FRA: HW3), is pleased to announce that is has closed its non-brokered private placement (the “Offering”) previously announced on February 5, 2024 and has issued 9,211,724 units (each, a “Unit”), at a price of $0.38 per Unit, for aggregate gross proceeds of $3,500,455.12. Each Unit is comprised of one common share of the Company (each, a “Share”) and one transferable common share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to acquire one additional Share at an exercise price of $0.45 for a period of 24 months from the closing date. Finder's fees of $233,188.90 and 613,655 finder's warrants (the “Finder’s Warrants”) were paid to arm's length parties in connection with the Offering (each Finder's Warrant exercisable on the same terms as the Warrants forming part of the Units). The Company will use the proceeds from the Offering towards exploration on the Company’s Nut Lake and Weyman properties and for general working capital purposes. The Offering constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as a certain director and officer of the Company (the \"Insider\") subscribed for an aggregate of 263,118 Units for aggregate proceeds of $99,984.84. The Company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 with respect to the Insider participation in the Offering as the fair market value of the consideration of the securities issued to the related party did not exceed 25% of the Company's market capitalization. The Company did not file a material change report in respect of the participation of the Insider in the Offering at least 21 days before closing of the Offering as the participation of the Insider was not determined at that time. The Shares issued under the Offering will be subject to a statutory hold period expiring four months and one day from the date of issuance. The securities issued pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may n...