Prospect Ridge Increases Private Placement to C$1.76 Million

Prospect Ridge Resources Corp. has announced an increase in its non-brokered private placement from C$1.5 million to C$1.76 million. This offering consists of 23,418,336 Critical Metals flow-through units at C$0.075 each. A first tranche, totaling 17,935,002 units and worth C$1,345,235.15, was closed earlier this month.

Each unit contains one flow-through common share and half a share purchase warrant, with warrants exercisable at C$0.10 for two years. Proceeds will fund exploration at British Columbia's Camelot and Excalibur projects.

The offering is pending regulatory approvals and securities will have a statutory hold period. The securities will not be offered in the U.S. unless exemptions apply. This move aims to finance exploration expenses, classifiable as Canadian Exploration Expenses under the Income Tax Act.