Pacific Ridge Closes First Tranche of Oversubscribed Financing; Raises More than $1.675 Million
Pacific Ridge Closes First Tranche of
Oversubscribed Financing; Raises More than
$1.675 Million
Vancouver, British Columbia--(Newsfile Corp. - March 25, 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 oversubscribed non-brokered private placement
("Financing") raising a total of $1,675,419.51.
The Company issued 7,469,679 flow-through units ("FT Units") at a price of $0.095 per FT Unit for gross
proceeds of $709,619.51, which includes an oversubscription of 1,159,139 FT Units ($110,118.12).
Pacific Ridge also issued 12,072,500 non-flow-through units ("NFT Units") at a price of $0.08 per NFT
Unit for gross proceeds of $965,800 in a first tranche of the non-flow-through portion of the Financing.
The Company expects to close the second and final tranche (1,058,750 NFT Units) of the Financing
shortly.
Pacific Ridge intends to use the proceeds raised from this Financing 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 copper-gold porphyry projects in British Columbia.
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 March 22, 2026. The securities are subject to a hold
period ending on July 23, 2024. The Company paid finder's fees totalling $66,066.12 in connection with
the Financing. 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.
An insider of the Company subscribed for 120,000 FT Units and, through a company controlled by him,
250,000 NFT Units. Such participation is considered to be a "related party transaction" as defined under
Multilateral Instrument 61-101 ("MI 61-101"). The Company is relying on the exemptions from the
valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and
5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Financing by the insider does
not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-
101.
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 closing the second and final tranche of 1,058,750 NFT Units. 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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