Skull Ridge Gold closes C$122,500 private placement, with CEO among buyers

Skull Ridge Gold Corp., a Canadian mineral exploration company listed on the CSE, has closed its non-brokered private placement, raising aggregate gross proceeds of about C$122,500. The company issued 4,711,528 units across two tranches at C$0.026 per unit, with the final tranche accounting for C$45,500.

Each unit includes one common share and one warrant, exercisable at C$0.05 for 60 months. Skull Ridge also paid C$3,120 in cash finder's fees and issued 120,000 finder's warrants on the same terms.

Karim Rayani, chief executive officer and a director, subscribed for 1,000,000 units. His participation counts as a related-party transaction under MI 61-101, though the company is relying on exemptions from valuation and minority-approval rules since his stake stays below 25% of market capitalisation.

Net proceeds will advance exploration, working capital, and general corporate purposes. The company's flagship asset is the Skull Island Project on Newfoundland and Labrador's Burin Peninsula — over 145 km² of contiguous claims in the Avalonian Epithermal Belt, prospective for gold, silver, and base metals.

The modest raise, with insider participation and warrant-heavy terms, reflects how junior explorers fund early-stage work at the CSE's smaller end. For Skull Ridge, it keeps the drill programme moving rather than reshaping the balance sheet.