Golden Ridge Resources Completes Non-Brokered Private Placement for $2.15M
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 Non-Brokered Private Placement for $2.15M
July 28, 2020 TSX-V: GLDN
GOLDEN RIDGE RESOURCES LTD. (TSX-V: GLDN) ("Golden Ridge" or the "Company") announces it
has closed its previously announced financing (see news release of July 2, 2020 and July 8, 2020) and issued
14,333,333 units (a “Unit”) of the Company at a price of $0. 15 per unit for gross proceeds of $ 2,150,000
(the “Offering”).
Each Unit consist s of one common share of the Company and one -half of one common share purchase
warrant (each whole warrant a “ Warrant”). Each Warrant entitle s the holder to acquire one additional
common share in the capital of the Company at a price of $0.25 per share until July 24, 2022.
In connection with the Offering the Company has paid aggregate finders' fees of $45,178 in cash and issued
301,185 finder warrants ( a “Finder Warrant ”). Each Finder Warrant entitles the holder to acquire one
additional common share in the capital of the Company at a price of $0.25 per share on the same terms as
the Warrants until July 24, 2022.
Insiders of the Company participated in the Offering for an aggregate amount of approxima tely $229,000.
Such participation is considered a related party transaction within the meaning of Multilateral Instrument
61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). 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 MI 61 -101,
respectively, on the basis that the participation in the Offering by insiders did not exceed 25% of the
Company's market capitalization.
The proceeds of the Offering will be used for exploration activities on its Canadian properties and working
capital respectively. All securities issued pu rsuant to the Offering will be subject to a statutory four month
and one day hold period expiring on November 25, 2020.
The Units have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and
may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration
or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state
securities laws
About Golden Ridge
Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties
located in British Columbia and Newfoundland. Golden Ridge owns a 100% interest in the 1,700 -hectare
Hank copper -gold-silver-lead-zinc p roperty located in the Golden Triangle district, approximately 140
kilometres north of Stewart, British Columbia and has a portfolio of exploration projects in Newfoundland.
GOLDEN RIDGE RESOURCES LTD.
#335 – 1632 Dickson Avenue Kelowna, BC V1Y 7T2
T: 250-717.3151 F: 250-717.1845
www.goldenridgeresources.com
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
Certain statements contained in this news release, constitute "forward-looking information" as such term is used in applicable Canadian
securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information
is provided and is subject to certain factors and assumptions, including: that the Company's financial condition and development plans
do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company continues
to maintain a good relationship with the local project communities. Forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause plans, estimates and act ual results to vary materially from those projected in such
forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate
include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in
delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulato ry
approval, risks associated with the interpretati on of data, the geology, grade and continuity of mineral deposits, the possibility that
results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mi neral
exploration and development activitie s and to the Company as set forth in the Company's Management’s Discussion and Analysis
reports filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will
prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly,
the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation
to update forward-looking information or statements, other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of t he TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
GOLDEN RIDGE RESOURCES LTD.
#335 – 1632 Dickson Avenue Kelowna, BC V1Y 7T2
T: 250-717.3151 F: 250-717.1845
www.goldenridgeresources.com
The Offering included subscriptions by three insiders of the Company. Mr. Ernesto Echavarria, a director, insider and a
control person of the Company (as defined by the policies of the TSX Venture Exchange) purchased 8,182,000 Units.
Subscriptions completed by insiders in the Offering, including the subscription by Mr. Echavarria, constituted a "Related
Party Transaction" under Policy 5.9 of the TSX Venture Exchange, which adopts Multilateral Instrument 61-101 ("MI 61-101")
as a policy of the TSX Venture Exchange