Business
Prospect Ridge Announces First Tranche Closing of Flow-Through Unit Private Placement
NOT FOR DISTRIBUTION OR DISSEMINATION TO THE UNITED STATES VANCOUVER, BC / ACCESS Newswire / October 27, 2025 /Prospect Ridge Resources Corp.(the "Company" or "Prospect Ridge") (CSE:PRR)(OTCQB:PRRSF)(FRA:OED) is pleased to announce that it has closed ...
About this update from Prospect Ridge Resources Corp.
[{"type":"text","content":"NOT FOR DISTRIBUTION OR DISSEMINATION TO THE UNITED STATES","length":58,"tagName":"p"},{"type":"text","content":"VANCOUVER, BC / ACCESS Newswire / October 27, 2025 / Prospect Ridge Resources Corp.(the "Company" or "Prospect Ridge") (CSE:PRR)(OTCQB:PRRSF)(FRA:OED) is pleased to announce that it has closed the first tranche of its non-brokered flow-through private placement (the "FT Placement") of $0.12 flow-through units announced on October 17, 2025 (see news release for details) issuing an aggregate of 10,783,334 flow-through units for gross proceeds of $1,294,000.08.","length":492,"tagName":"p"},{"type":"text","content":"In connection with this tranche, the Company paid an aggregate of $85,400 in cash and issued an aggregate of 711,667 finder warrants having the same terms as the FT Placement warrants (exercisable at $0.18). All securities issued in the first tranche are subject to a statutory hold period expiring on February 28, 2026.","length":320,"tagName":"p"},{"type":"text","content":"Insiders of the Company purchased an aggregate of 41,667 flow-through units ($5,000), representing approximately 0.39% of the total number of flow-through units issued in the first tranche closing. The common shares so acquired by insiders represented approximately 0.04% of the issued and outstanding common shares upon closing, and together with the common shares issuable on exercise of the warrants so acquired by insiders would constitute an aggregate number of common shares representing approximately 0.07% of the then issued and outstanding shares upon closing.","length":569,"tagName":"p"},{"type":"text","content":"The participation by insiders constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and (b), and 5.7(1)(a), respectively, of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the transaction exceeds 25% of the Company's market capitaliza...