Greenridge Exploration Announces C$3 Million Financing
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%
