Golden Ridge Resources Completes $1,450,000 Financing
GOLDEN RIDGE RESOURCES LTD.
#335 – 1632 Dickson Avenue Kelowna, BC V1Y 7T2
T: 250-717.3151 F: 250-717.1845
www.goldenridgeresources.com
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
News Release
Golden Ridge Resources Completes $1,450,000 Financing
July 8, 2021 TSX-V: GLDN
GOLDEN RIDGE RESOURCES LTD. (TSX-V: GLDN) ("Golden Ridge" or the "Company") has completed the
previously announced financing ( see new release of June 25, 2021) wherein the Company has issued today
5,370,370 units (the “Units”) at a price of $0.27 for gross proceeds of $1,450,000 (the “Offering”).
Each Unit consists of one common share and one -half of one common share purchase warrant (each whole
warrant at “ Warrant”) of Company. Each Warrant entitles the subscriber to purchase one additional comm on
share for at an exercise price of $0.50 per common share until July 8, 2023.
Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 5,000,000
Units for total consideration of $1, 350,000. Prior to the Offering Mr. Sprott beneficially owned or controlled
6,000,000 common shares and 3 ,000,000 warrants of the Company. As a result of the current Offering , Mr.
Sprott beneficially owns or controls 11,000,000 common shares of the Company and 5,500,000 warrants
collectively (the “Sprott Warrants”), representing approximately 19.6% of the issued and outstanding common
shares of the Company on a non-diluted basis and approximately 26.8% of the issued and outstanding common
shares of the Company on a partially diluted basis, assuming the exercise of the Sprott Warrants.
The Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment
and may acquire additional securities of Golden Ridge, including on the open market or through private
acquisitions, or sell securities of the company, including on t he open market or through private dispositions in
the future, depending on market conditions, reformulation of plans and/or other factors that Mr. Sprott considers
relevant from time to time.
A copy of Mr. Sprott's early-warning report will be filed under Golden Ridge’s profile on SEDAR and may also be
obtained by calling Mr. Sprott's office at 416-945-3294 (200 Bay St., Suite 2600, Royal Bank Plaza, South Tower,
Toronto, Ontario M5J 2J1).
Mr. Sprott has provided an undertaking not to exercise the Sprott Warrants (if doing so would result in his non-
diluted ownership interest exceed ing 20%) until the Company has obtained such shareholder approval at the
Company’s next annual general meeting to be held on or before December 18, 2021.
Mr. Sprott is an insider of the Company and as such his participation in the Offering is considered a related party
transaction under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions
(“MI 61-101”) and TSX Venture Exchange Policy 5.9 (which incorporates by reference MI 61-101). The Company
is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to
related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair
GOLDEN RIDGE RESOURCES LTD.
#335 – 1632 Dickson Avenue Kelowna, BC V1Y 7T2
T: 250-717.3151 F: 250-717.1845
www.goldenridgeresources.com
market value of the Units to be purchased on behalf of Mr. Sprott nor the consideration to be paid by him exceeds
25% of the Company's market capitalization.
Proceeds raised from the Offering will be used for general working capital and to further the Company’s
Newfoundland project portfolio.
All securities issued pursuant to the Offering will be subject to a statutory four month and one day hold period
under applicable securities laws expiring on November 9, 2021.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended,
and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Golden Ridge
Golden Ridge is a TSX -V listed exploration company engaged in acquiring and advancing mineral properties
located in Newfoundland and British Columbia . Golden Ridge is currently focused on exploration and
development of its portfolio of exploration assets in Newfoundla nd. The company owns a 100% interest in the
1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000 hectare Hickman copper-gold property
located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia and has
a portfolio of exploration projects in Newfoundland.
ON BEHALF OF THE BOARD OF DIRECTORS OF
GOLDEN RIDGE RESOURCES LTD.
“Mike Blady”
Mike Blady
President and Chief Executive Officer
For more information regarding this news release, please contact:
Mike Blady, CEO and Director
T: 250-717.3151
W: www.goldenridgeresources.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements that constitute "forward-looking Information", as such term is used in applicable Canadian securities laws . Such
forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance
or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expr essed or implied by
such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified
by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions
"will," "would," "may," "could" or "should" occur.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date
hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause
our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking information. There can be no assurance that the Fundamental Acquisition will be completed
as proposed or at all.
GOLDEN RIDGE RESOURCES LTD.
#335 – 1632 Dickson Avenue Kelowna, BC V1Y 7T2
T: 250-717.3151 F: 250-717.1845
www.goldenridgeresources.com
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic
conditions; the Covid -19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the
Company maintains good relationships with the communities in which it operates o r proposes to operate, future legislative and regulatory developments
in the mining sector; the Company ’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on
favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the
risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned wor k, risks associated with the
interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consi stent with the Company’s
expectations, as well as other assumptions risks and uncertainties applicable to min eral exploration and development activities and to the Company,
including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS
OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE.
WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS
REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.