Greenridge closes $3.0 million private placement with Southeast Asian investor

VANCOUVER, British Columbia, July 31, 2026 (GLOBE NEWSWIRE) -- Greenridge Exploration Inc. (" Greenridge " or the " Company ") ( CSE: GXP | OTC: GXPLF | FRA: HW3 ), is pleased to provide an update on the $3.0 million financing (the “ Offering ”) first reported on July 20, 2026 with a leading Southeast Asian conglomerate that has extensive interests in the global energy sector (the “ Corporate Investor ”). On July 30, 2026, the Company executed a Sale and Purchase Agreement (the “ SPA ”) with the Corporate Investor in connection with the Offering and remains on track to close the Offering in Q3 2026 following the completion of customary corporate and regulatory approvals.

The Offering is comprised of 13,111,888 units (the “ Units ”), at a price of $0.2288 cents per unit with each Unit consisting of one (1) common share and one-half (1/2) of one common share purchase warrant, with each full warrant (each whole warrant, a “ Warrant ”) exercisable at $0.34 cents for a period of 36 months, subject to an accelerated expiry provision. Under the acceleration provision, if the volume weighted average ‎trading price of the Company's common shares is $0.50 or higher for ten (10) consecutive trading days (the “ Triggering Event ”), the exercise period of the Warrants may be reduced to sixty (60) days at the Company's discretion by issuance of a news release within seven (7) days of the Triggering Event.

All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. If the Triggering Event occurs while the Warrants remain subject to the statutory four-month-and-one-day hold period, the Company may, at its sole discretion, choose to accelerate the exercise period subsequent to the expiration of such hold period. Any Warrants not exercised before the end of this 60-day period will expire and be void.

As part of the Offering, the Company and the Corporate Investor anticipate entering into an investor rights agreement (the “ Agreement ”), whereby the Agreement provides the Corporate Investor with the right to participate in future financings of the Company on a pro rata basis, and provides certain board nomination rights, contingent on the Corporate Investor maintaining at least 5% ownership of the issued and outstanding shares of the Company. At closing of the Offering, the Corporate Investor will hold an approximate 17.17% share ownership in the Company on a non-diluted basis.

Use of Proceeds of the Offering and Corporate and Regulatory Approvals

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes. Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate, regulatory approvals and shareholder approvals (as applicable), including the final approval of the Canadian Securities Exchange.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “ U.S. Securities Act ”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.