Greenridge Exploration Announces $1,000,000.05 Flow Through Private Placement
July 02 2024 - 8:00AM
Greenridge Exploration Inc. (“Greenridge” or the
“Company”) (CSE: GXP | FRA: HW3), is pleased to
announce a non-brokered private placement (the
“
Offering”) for gross proceeds of up to
C$1,000,000.05 from the sale of up to 952,381 flow-through units of
the Company (each, a “
FT Unit”) at a price of
C$1.05 per FT Unit. The Company intends to use the proceeds from
the Offering towards exploration on the Company’s Nut Lake,
Carpenter Lake, Snook Lake, Ranger Lake and Weyman properties.
Each FT Unit will consist of one common share of
the Company (each, a “Common Share”) to be issued
as a “flow-through share” within the meaning of the Income Tax Act
(Canada) (each, a “FT Share”) and one half of one
Common Share purchase warrant (each whole warrant, a
“Warrant”). Each Warrant will entitle the holder
thereof to purchase one Common Share (each, a “Warrant
Share”) at a price of C$1.40 for a period of 36 months
from the date of issuance. The Company may pay finder's fees of up
to 6% in cash and 6% in finder's warrants from the sale of FT Units
to third parties sourced by finders. Each finder’s warrant will
entitle the holder thereof to purchase one Common Share at a price
of C$1.05 for a period of 36 months from the date of issuance.
The FT Units will be offered by way of the
“accredited investor” and “minimum amount investment” exemptions
under National Instrument 45-106 – Prospectus Exemptions in all the
provinces of Canada. The securities issuable pursuant to the sale
of the FT Units will be subject to a statutory hold period in
Canada ending on the date that is four months plus one day
following the closing date of the Offering.
The gross proceeds from the sale of the FT
Shares will be used by the Company to incur eligible “Canadian
exploration expenses” that will qualify as “flow-through mining
expenditures” as such terms are defined in the Income Tax Act
(Canada) (the “Qualifying Expenditures“) related
to the Company’s projects in Canada. All Qualifying Expenditures
will be renounced in favour of the subscribers of the FT Units
effective December 31, 2024.
The Offering is subject to certain conditions
including, but not limited to, receipt of all necessary approvals
including the approval of the Canadian Securities Exchange.
References
1 Source: 1978
Assessment Report (number 81075) by Pan Ocean Oil Ltd.
About Greenridge Exploration
Inc.
Greenridge Exploration Inc. (CSE: GXP | FRA:
HW3) is a mineral exploration company dedicated to creating
shareholder value through the acquisition, exploration, and
development of critical mineral projects in North America. The
Carpenter Lake Uranium Project is located in the Athabasca Basin
consisting of 7 mineral claims covering 13,387 hectares across the
Cable Bay Shear Zone and the Company is advancing the Project to
test multiple high priority targets. The Company’s Nut Lake Uranium
Project located in the Thelon Basin includes historical drilling
which intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over
1ft from 8ft depth1.
The Company’s Weyman Copper Project in southeast
British Columbia sits on the south portion of the famous Quesnel
Terrance. The Company is led by an experienced management team and
board of directors with significant expertise in capital raising
and advancing mining projects. The Snook and Ranger Lake uranium
projects, 4,899 hectares and 20,782 hectares respectively are
located in western Ontario, with multiple previous uranium
occurrences across both projects.
On Behalf of the Board of
Directors
Russell StarrChief Executive Officer, DirectorTelephone: +1
(778) 897-3388 Email: info@greenridge-exploration.com
Disclaimer for Forward-Looking Information
This news release contains certain
forward-looking statements within the meaning of applicable
securities laws. All statements that are not historical facts,
including without limitation, statements regarding future
estimates, plans, programs, forecasts, projections, objectives,
assumptions, expectations or beliefs of future performance,
including statements regarding the project acquisition bringing a
low-risk opportunity, the Company, building a strong battery metals
portfolio with low-risk opportunities that positively impact the
Company and its shareholders and the Company providing an initial
work plan are "forward-looking statements". Forward-looking
statements in this news release include, but are not limited to,
statements with respect to the Offering; the Company’s objectives,
goals or future plans; the commencement of drilling or exploration
programs in the future; the completion of the Offering. These
forward-looking statements reflect the expectations or beliefs of
management of the Company based on information currently available
to it. Forward-looking statements are subject to a number of risks
and uncertainties, including those detailed from time to time in
filings made by the Company with securities regulatory authorities,
which may cause actual outcomes to differ materially from those
discussed in the forward-looking statements. These factors should
be considered carefully, and readers are cautioned not to place
undue reliance on such forward-looking statements. The
forward-looking statements and information contained in this news
release are made as of the date hereof and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements or information, whether because of new information,
future events or otherwise, unless so required by applicable
securities laws.
The Canadian Securities Exchange (CSE) does not
accept responsibility for the adequacy or accuracy of this
release.