THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. ("Greenridge" or the "Company") (CSE:GXP, FRA: HW3)), announces that further to its July 2, 2024 and July 25, 2024 news releases, the Company has closed the first tranche of its non-brokered private placement of flow-through units (each, a "FT Unit") for aggregate gross proceeds in this first tranche of $750,798.40 (the "Offering"). The Company has issued 853,180 FT Units at a price of $0.88 per FT Unit, with each FT Unit comprised of one (1) common share of the Company (each, a "Common Share") issued on a flow-through basis under the Income Tax Act (Canada) (each, a "FT Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share of the Company at a price of $1.15 for a period of 36 months from the date of issuance. The gross proceeds from the sale of the FT Shares will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's projects in Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units effective December 31, 2024. In connection with the first tranche closing, an aggregate of $15,048 was paid in cash and a total of 17,100 finder's warrants (the "Finder's Warrants") were issued as finder's fees. Each Finder's Warrant entitles the holder thereof to acquire one (1) Common Share (a "Finder's Warrant Share") at a price of $0.88 per Finder's Warrant Share for a period of 36 months from the date of issuance. The Offering constitutes a "related ...