Malibu, CA, Sep 8, 2022 AEST (ABN Newswire) - Join Ellis Martin for a conversation with Blaine Monaghan, the President and CEO of Pacific Ridge Exploration Ltd (PEXZF:OTCMKTS)(CVE:PEX) as the company acquires funding from Crescat and Delphi for additional drilling at the Kliyul Copper-Gold Porphyry Project in British Columbia, Canada.
Pacific Ridge plans to increase the size of the previously announced non-brokered private placement (see news release dated September 2, 2022) by 1,000,000 units to 3,391,305 units at a price of $0.23 per unit ("Unit") for gross proceeds of up to $780,000 (the "Financing").
DELPHI Unternehmensberatung Aktiengesellschaft, Pacific Ridge's second largest shareholder, intends to acquire the additional 1,000,000 Units. Crescat Capital LLC, the Company's largest shareholder, intends to acquire the remaining 2,391,305 Units.
Proceeds from this Financing will be used for additional drilling at the Kliyul copper-gold project, located in north central B.C., and for general working capital. Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable to purchase one additional common share at an exercise price of $0.35 for a period of 2 years.
The Financing is subject to TSX Venture Exchange acceptance.
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About Pacific Ridge Exploration Ltd.
Our goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's flagship project is the Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold Inc's Kemess mine. In addition to Kliyul, the Company's project portfolio includes the RDP copper-gold project (optioned to Antofagasta Minerals S.A.), the Onjo copper-gold project, and the Redton copper-gold project, all located in British Columbia. Pacific Ridge will continue to search for projects that offer discovery opportunity in our regions of expertise.
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Pacific Ridge Exploration Ltd.