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Greenridge Exploration Announces C$3 Million Financing

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Greenridge Exploration (GXP.CN) Monday said it arranged an initial C$3-million private placement financing with an unnamed corporate investor in southeast Asia.

The offering will see the investor take a 17.7% equity stake in Greenridge, who will issue it 13.1-million units at C$0.23 apiece.

Each unit will consist of one share and one-half of a three-year warrant to buy a share at C$0.34.

"This $3.0 million private placement reflects the confidence that this leading South Asian conglomerate has placed in our team and our portfolio of mineral projects," chief executive Russell Starr said in a release.

Proceeds will be used for working capital and general corporate purposes.

Greenridge Exploration shares edged down C$0.005 to C$0.30 on the Canadian Securities Exchange.

Price: $0.30, Change: $-0.01, Percent Change: -1.64%

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