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VANCOUVER, British Columbia, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. ("Greenridge" or the "Company") (CSE:GXP, OTC:GXPLF, FRA: HW3)), announces that further to its October 2, 2024 news release, the Company has closed the second tranche of its non-brokered private placement of flow-through units (each, a "FT Unit") for aggregate gross proceeds in this second tranche of $1,503,128 (the "Offering"). The Company has issued 1,708,100 FT Units at a price of $0.88 per FT Unit, with each FT Unit comprised of one (1) common share of the Company (each, a "Common Share") issued on a flow-through basis under 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 entitles the holder to purchase one Common Share of the Company at a price of $1.15 for a period of 36 months from the date of issuance.
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.
In connection with the second tranche closing, an aggregate of $45,093.84 was paid in cash ...
