Pacific Ridge Closes First Tranche of Financing; Raises $1.68 Million for Inaugural Drill Program at Chuchi Copper-Gold Project In B.C.
Pacific Ridge Closes First Tranche of
Financing; Raises $1.68 Million for Inaugural
Drill Program at Chuchi Copper-Gold Project
In B.C.
Vancouver, British Columbia--(Newsfile Corp. - June 10, 2024) -
Pacific Ridge Exploration Ltd.
(TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) ("Pacific Ridge" or the "Company") is pleased to
announce that it has closed the first tranche of its non-brokered private placement ("Financing") raising a
total of $1,683,380.
The Company issued 16,250,000 flow-through units ("FT Units") at a price of $0.08 per FT Unit for gross
proceeds of $1,300,000. Pacific Ridge also issued 5,476,858 non-flow-through units ("NFT Units") at a
price of $0.07 per NFT Unit for gross proceeds of $383,380 in a first tranche of the non-flow-through
portion of the Financing. Pacific Ridge expects to close the second and final tranche of the Financing
shortly.
The Company intends to use the proceeds raised from this Financing for general working capital and for
a diamond drill program at the Chuchi copper-gold project ("Chuchi" or the "Project") in B.C.
Pacific
Ridge plans to drill 2,400 m at the Project this year. This will be the Company's first ever drill program at
Chuchi. Pacific Ridge believes that the Project has significant, untested potential for porphyry copper-
gold mineralization at depth as many of the historic drill holes were shallow, less than 150 m in depth,
and ended in mineralization. The drill program is expected to commence mid-August.
Each FT Unit is comprised of one common share of the Company issued as a "flow-through share"
within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one common share
purchase warrant ("Warrant"). Each NFT Unit is comprised of one common share of the Company and
one Warrant. Each Warrant is exercisable to purchase one additional non-flow-through common share at
an exercise price of $0.12 any time on or before June 7, 2026. The securities are subject to a hold
period ending on October 8, 2024. The Company paid finder's fees totalling $107,091 and finder's fees
warrants totaling 1,367,380 in connection with the Financing. Each finder's warrant is exercisable to
purchase one common share at an exercise price of $0.07 any time on or before June 7, 2026. The
Financing and payment of finder's fees are subject to TSX Venture Exchange acceptance.
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.
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 Chuchi copper-
gold project, the RDP copper-gold project, the Onjo copper-gold project, and the Redton copper-gold
project, all located in B.C. 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 closing the second and final tranche. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/212333