Pacific Ridge to Increase Size of Drill Program at the Kliyul Copper-Gold Project
Pacific Ridge to Increase Size of Drill Program
at the Kliyul Copper-Gold Project
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2022) - Pacific Ridge Exploration Ltd.
(TSXV: PEX) ("
Pacific Ridge
" or the "
Company
") is pleased to announce its plans to increase the size
of the diamond drill program currently underway at the Kliyul copper-gold project ("Kliyul"),
located in
northcentral B.C., from 6,000 m to 6,800 m. The Company will fund the additional drilling through the
issuance of up to 2,391,305 units in a non-brokered private placement at a price of $0.23 per unit
("
Unit
") for gross proceeds of up to $550,000 (the "
Financing
"). Crescat Capital LLC ("
Crescat
")
intends to acquire all of the Units.
"Right now, we have the capacity to increase the size of the drill program currently underway at Kliyul,"
said Blaine Monaghan, President & CEO of Pacific Ridge. "With a relatively short exploration season, it
is critically important to drill as many metres as possible before the onset of winter conditions. I would
like to thank Crescat, our largest shareholder, for providing us with the funds necessary to maximize our
2022 exploration season."
Proceeds from this Financing will be used for additional drilling at Kliyul 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.
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 project is the Kliyul copper-gold project, located in the prolific 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 Chuchi copper-gold
project, the Onjo copper-gold project, and the Redton copper-gold project, all located in British
Columbia.
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 additional drilling at Kliyul 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
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/135864