Prospect Ridge Raises $151,250 in Private Placement

VANCOUVER, British Columbia, October 30, 2026 /CourierPR/ -- Prospect Ridge Resources Corp. has completed the final tranche of its non-brokered private placement, raising $151,250.18 through the issuance of 2,016,669 critical mineral flow-through units (FT Units) at a price of $0.075 each. This marks the third and final tranche of the Offering, which was first announced on October 2, 2026, and updated on October 13th, 19th, and 21st, 2026. The funds raised will be used to finance an upcoming 2,500-meter drill program on the company’s Camelot project, located near Horsefly, B.C., as well as preparations for an extensive Spring drill program at the Excalibur project north of Smithers, B.C.

Each FT Unit consists of one flow-through common share and one-half of one common share purchase warrant. The warrants are exercisable at $0.10 for a period of two years, subject to accelerated expiry if the company’s common shares trade or close on the Canadian Securities Exchange (the Exchange) at $0.21 or more for ten consecutive trading days. In connection with the third tranche, the company paid aggregate finder fees of $8,487.51 in cash and issued 113,167 finder warrants with the same terms as the warrants comprised in the FT Units.

Over the three tranches, Prospect Ridge Resources Corp. raised a total of $1,836,375 through the issue of 24,485,004 FT Units, representing an oversubscription of $336,375 over the originally planned Offering of $1,500,000. Insiders purchased an aggregate of 335,000 FT Units, which as of the third tranche closing represented less than 1% of the then issued and outstanding shares, and less than 1% if the associated warrants were immediately exercised. 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. The company has relied upon the exemption from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a), (b) and (c), and sections 5.7(1)(a) and (b), respectively, of MI 61-101.

The bulk of the funds will finance the upcoming 2,500-meter drill program on the Camelot project and preparations for an extensive Spring drill program at the Excalibur project.