Pacific Ridge Raising $1.5 Million for Drill Program at Kliyul Copper Gold Project; Lead Order from Crescat
Pacific Ridge Raising $1.5 Million for Drill
Program at Kliyul Copper Gold Project; Lead
Order from Crescat
Vancouver, British Columbia--(Newsfile Corp. - April 29, 2021) - Pacific Ridge Exploration Ltd. (TSXV:
PEX) ("
Pacific Ridge
" or the "
Company
") is pleased to announce its plans to issue up to 10,000,000
units in a non-brokered private placement at a price of $0.15 per unit ("
Unit
") for gross proceeds of up to
$1,500,000 (the "
Financing
"). Crescat Capital LLC ("
Crescat
") intends to acquire 7,000,000 of the
Units.
"We are encouraged by this unique copper and gold system. It appears to have higher grades than
other big porphyry projects in British Columbia,"
commented Kevin Smith, Crescat's Chief Investment
Officer.
"We are injecting capital to try to prove this thesis out. The size of the potential prize is what
attracts us."
Proceeds from this Financing will be used for a 2,500-metre diamond drill program at Pacific Ridge's
flagship Kliyul copper-gold project, located in British Columbia, for exploration on the Company's other
projects, and for general working capital.
"I'm thrilled that Crescat has recognized Kliyul's potential,"
said Blaine Monaghan, President and CEO
of Pacific Ridge
. "Importantly, the lead order from Crescat means that the Kliyul drill program is now
fully funded. We look forward to the drill turning sometime in July."
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 $0.23 for a period of 24 months. The Company may pay finder's fees of 5% cash on a
portion of the private placement. The private placement and payment of finder's fees are subject to
regulatory approval. It is expected that the closing of the Financing will occur on or about June 4, 2021
(the "
Closing Date
").
About Crescat Capital LLC
Crescat is a global macro asset management firm headquartered in Denver, Colorado. Crescat's
mission is to grow and protect wealth over the long term by deploying tactical investment themes based
on proprietary value-driven equity and macro models. Crescat's goal is industry leading absolute and
risk-adjusted returns over complete business cycles with low correlation to common benchmarks.
Crescat's investment process involves a mix of asset classes and strategies to assist with each client's
unique needs and objectives and includes Global Macro, Long/Short, Large Cap and Precious Metals
funds.
Crescat is advised by its technical consultant Dr. Quinton Hennigh on gold and silver resource
companies. Dr. Hennigh became an economic geologist after obtaining his PhD in
Geology/Geochemistry from the Colorado School of Mines. He has more than 30 years of exploration
experience with major gold mining firms that include Homestake Mining, Newcrest Mining and Newmont
Mining. Recently, Dr. Hennigh founded Novo Resources Corp and currently serves as Chairman. Among
his notable project involvements are First Mining Gold's Springpole gold deposit in Ontario, Kirkland
Lake Gold's acquisition of the Fosterville gold mine in Australia, the Rattlesnake Hills gold deposit in
Wyoming, and Lion One's Tuvatu gold project on Fiji, among many others.
About Pacific Ridge
Our goal is to become one of the leading copper-gold exploration companies in British Columbia.
Pacific Ridge's flagship project is the advanced-stage Kliyul copper-gold project, located in the Quesnel
Trough, approximately 50 km southeast of Centerra Gold's Kemess project. Historic drilling at Kliyul
encountered significant porphyry copper-gold mineralization, drill hole KL-15-34 returned 245 metres of
0.75% CuEQ
1
(see Pacific Ridge press release dated December 2, 2020).
On behalf of the Board of Directors,
"Blaine Monaghan"
Blaine Monaghan
President & CEO
Pacific Ridge Exploration Ltd.
Corporate Contact:
Blaine Monaghan
President & CEO
Tel: (604) 687-4951
www.pacificridgeexploration.com
https://www.linkedin.com/company/pacific-ridge-exploration-ltd-pex-
https://twitter.com/PacRidge_PEX
Investor Contact:
G2 Consultants Corp.
Telephone: +1 778-678-9050
Email:
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.
The technical information contained within this News Release has been reviewed and approved by
Gerald G. Carlson, Ph.D., P.Eng., Executive Chairman of Pacific Ridge and Qualified Person as
defined by National Instrument 43-101 policy.
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,
that 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 a drill program at Kliyul this summer,
and the closing of the Financing. 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES
1
Copper equivalent (CuEQ) is equal to ((Cu (per cent) multiplied by $2.25 multiplied by 22.0642) plus
(Au (g/t)
multiplied by $1,650 multiplied by 0.032151)) divided by ($2.25 multiplied by 22.0642).
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/82251