Ridgeline Minerals Corp. (OTCMKTS:RDGMF) Announces Completion of Non-Brokered Private Placement for $2.55M

Ridgeline Minerals Corp. (OTCMKTS:RDGMF) has announced on September 29, 2022 about closing its previously announced financing, and issuing 12,732,500 units of the company at a price of $0.20 per Unit for gross proceeds of $2,546,500.

Market Stats

On Thursday, RDGMF stock fell 16.61% to $0.1293 with 14K shares, compared to its average volume of 16K shares. The stock moved within a range of $0.1293 – 0.1550 after opening trading at $0.1293.

Ridgeline Minerals Completes Non-Brokered Private Placement for $2.55M

One unit comprises a common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share in the capital of the company at a price of $0.30 per share until September 29, 2024.

The proceeds from the sale of the units will be used to fund the company’s exploration programs as outlined in the news release dated August 31, 2022 and for general working capital. Pursuant to the financing the company has paid aggregate finders’ fees of $45,900 in cash.

Company insiders participated in the Offering for an aggregate amount of approximately $25,500. In completing such transaction, Golden Ridge relied on the applicable exemptions from the valuation requirement and minority security holder approval requirements available under Sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 respectively. It is on the basis that by participating, those insiders didn’t exceed 25% of the company’s market capitalization.

All securities issued pursuant to the financing will be subject to a statutory four month and one day hold period expiring on January 30, 2023.

Traders Corner

RDGMF stock is trading below the 20-Day and 50-Day Moving averages of $0.18 and $0.18 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.26.