Pacific Ridge Announces $2.0M Private Placement
Pacific Ridge Announces $2.0M Private
Placement
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2024) - Pacific Ridge Exploration Ltd. (TSXV:
PEX) (OTCQB: PEXZF) (FSE: PQWN) ("Pacific Ridge" or the "Company") announces a non-brokered
private placement (the "Offering") for aggregate gross proceeds of up to C$2,000,000 from the sale of
non-flow through units of the Company (each, a "Unit") at a price of C$0.07 per Unit, flow-through units of
the Company (each, a "FT Unit") at a price of C$0.08 per FT Unit, and FT Units to be sold to charitable
purchasers (each, a "Charity FT Unit", and together with the Units and FT Units, the "Offered Securities")
at a price of C$0.115 per Charity FT Unit. Red Cloud Securities Inc. will be acting as a finder in
connection with the Offering.
Each Unit will consist of one common share of the Company (each, a "Common Share") and one
Common Share purchase warrant (each whole warrant, a "Warrant"). Each FT Unit and Charity FT Unit
will consist of one Common Share to be issued as a "flow-through share" within the meaning of the
Income Tax Act (Canada) (each, a "FT Share") and one Warrant. Each Warrant will entitle the holder
thereof to purchase one Common Share at a price of C$0.12 for a period of 24 months following the
issue date of the Offered Security.
Pacific Ridge intends to use the proceeds raised from the Offering for general working capital and for
exploration at Pacific Ridge's flagship Kliyul copper-gold project as well as for exploration at the
Company's other projects in British Columbia and the Yukon. Proceeds from the sale of FT Shares will
be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax
Act (Canada) and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax
Act (Canada). Such proceeds will be renounced to the subscribers with an effective date not later than
December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised
from the issue of FT Shares.
The closing of the Offering is subject to receipt of all necessary regulatory approvals including the TSX
Venture Exchange (the "TSXV"). Finder's fees will be payable in accordance with the policies of the
TSXV. The securities issued under the Offering will be subject to a hold period ending on the date that is
four months plus one day following the date of issue in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities 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
may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is available.
About Pacific Ridge
Our goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's
flagship asset is its 100% owned Kliyul copper-gold project, located in the Quesnel Terrane close to
existing infrastructure. In addition to Kliyul, the Company's project portfolio includes the RDP copper-gold
project, the Chuchi copper-gold project, the Onjo copper-gold project, and the Redton copper-gold
project, all located in British Columbia. Pacific Ridge would like to acknowledge that its B.C. projects are
located in the traditional, ancestral and unceded territories of the Gitxsan Nation, McLeod Lake Indian
Band, Nak'azdli Whut'en, Takla Nation, and Tsay Keh Dene Nation.
On behalf of the Board of Directors,
"Blaine Monaghan"
Blaine Monaghan
President & CEO
Pacific Ridge Exploration Ltd.
Investor Relations:
Tel: (604) 687-4951
Email:
Website:
www.pacificridgeexploration.com
LinkedIn:
https://www.linkedin.com/company/pacific-ridge-exploration-ltd-pex-/
Twitter:
https://twitter.com/PacRidge_PEX
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking Information:
This release includes certain statements that may be deemed
"forward-looking statements." All statements in this release, other than statements of historical facts,
which address exploration drilling and other activities and events or developments that Pacific Ridge
Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. Forward-looking
statements in this news release include statements regarding the Offering and receiving the
necessary regulatory approvals. Although Pacific Ridge believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ materially from those
forward-looking statements. Factors that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploration successes, and continued availability of
capital and financing and general economic, market or business conditions. These statements are
based on a number of assumptions including, among other things, assumptions regarding general
business and economic conditions, that one of the options will be exercised, the ability of Pacific
Ridge and other parties to satisfy stock exchange and other regulatory requirements in a timely
manner, the availability of financing for Pacific Ridge's proposed programs on reasonable terms, and
the ability of third party service providers to deliver services in a timely manner. Investors are
cautioned that any such statements are not guarantees of future performance and actual results or
developments may differ materially from those projected in the forward-looking statements. Pacific
Ridge does not assume any obligation to update or revise its forward-looking statements, whether as a
result of new information, future events or otherwise, except as required by applicable law.
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