Greenridge Exploration Announces Completion of Flow-Through Private Placement and Marketing Agreement

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VANCOUVER, British Columbia, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. ("Greenridge" or the "Company") (Symbol: GXPHW), has successfully concluded its non-brokered private placement, raising a total of $4,947,433.92. This has been achieved through the issuance of 5,622,084 flow-through units, priced at $0.88 each. Each flow-through unit consists of one common share issued on a flow-through basis under the Income Tax Act (Canada) and one half of a common share purchase warrant. Full warrants allow the holder to acquire one common share at a price of $1.15 for three years from the date of issuance.

The proceeds from this offering will be allocated to eligible Canadian exploration expenses aimed at advancing the Company's projects within Canada. These expenditures will be renounced in favor of the investors by the end of the year, effective December 31, 2024.

Additionally, the Company paid a total of $167,923.03 in cash to finders and issued 210,586 finder's warrants as part of the fees related to this transaction. Each finder's warrant provides the right to purchase one common share for $1.15 for a period of 36 months.

The securities issued in this offering have not been registered under the United States Securities Act of 1933 and cannot be sold within the U.S. or to any U.S. persons without appropriate registration or exemption.

Marketing Agreement Details

Greenridge has also announced the signing of a marketing services agreement with RMK Marketing Inc. on December 19, 2024. This agreement starts on December 23, 2024, and will run for six months. Under this agreement, RMK will handle various marketing strategies, including managing online advertising campaigns and optimizing landing pages.

The Company will compensate RMK with $150,000 Canadian dollars, with the possibility of extending the advertising budget up to $400,000 during the contract term. No securities will be issued to RMK as part of this compensation. Currently, RMK does not hold any shares of Greenridge, maintaining an arm's-length relationship with the Company.

About Greenridge Exploration Inc.

Greenridge Exploration Inc. is focused on exploring mineral projects in North America. One of its main assets is the Carpenter Lake Uranium Project, which spans 13,387 hectares in the Athabasca Basin. The Company is also exploring the Nut Lake Uranium Project and the Weyman Copper Project in British Columbia. The management team is experienced in capital raising and advancing mining projects, which adds significant value to shareholder interests.

Disclaimer

This release contains forward-looking statements based on management's current expectations. These statements involve risks and uncertainties that could cause actual results to differ. Readers should not place undue reliance on these forward-looking statements, as the Company is not obligated to update them unless required by law.

The Canadian Securities Exchange (CSE) does not take responsibility for the content of this release.

Greenridge, Financing, Uranium