Pacific Ridge announces C$7.2 million private placement offering

Pacific Ridge Exploration Ltd. (TSXV: PEX) announced a non-brokered private placement to raise up to C$7.2 million through the sale of hard dollar units, flow-through units, and charity flow-through shares.

The offering comprises up to 5 million hard dollar units at C$0.20 each for proceeds of up to C$1 million, up to 11 million flow-through units at C$0.23 each for up to C$2.53 million, and up to 12.5 million charity flow-through shares at C$0.294 each for up to C$3.675 million.

Each hard dollar unit includes one common share and half of one warrant. Each flow-through unit consists of one flow-through share and half of one warrant. The warrants allow holders to purchase common shares at C$0.30 for 24 months starting four months after closing.

The company stated that a strategic investor may acquire up to 12.5 million common shares, representing approximately 13.7% of outstanding shares if the maximum offering is completed, making them the largest shareholder.

Pacific Ridge will use proceeds from charity flow-through shares for drilling at the RDP copper-gold project in British Columbia. Proceeds from flow-through shares will fund drilling at the Kliyul copper-gold project, also in British Columbia. Hard dollar unit proceeds will support general working capital and corporate purposes.

The offering is expected to close in late June 2026, subject to regulatory approvals including TSX Venture Exchange approval. The company may pay finder's fees in connection with the offering, pending TSXV approval.

Based on information from a company press release, the gross proceeds from flow-through and charity flow-through shares will be used for qualifying Canadian exploration expenses by December 31, 2027, with tax benefits renounced to subscribers by December 31, 2026.

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