Pacific Ridge closes C$4.5M private placement tranche for copper-gold drilling

Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) closed the initial tranche of a private placement, raising gross proceeds of C$4,516,800 through the sale of hard dollar units and flow-through units, according to a company statement.

The offering comprised 9,920,000 hard dollar units at C$0.20 per unit and 11,012,174 flow-through units at C$0.23 per unit. Each unit includes one common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to purchase one common share at C$0.30 until June 26, 2028.

Proceeds from the flow-through units will fund drilling at the company's Kliyul copper-gold project in British Columbia. Net proceeds from the hard dollar units will be directed toward general working capital and corporate purposes.

Pacific Ridge anticipates closing a charitable flow-through portion of the offering in early July, consisting of up to 13,400,000 charity flow-through shares at C$0.294 per share, for gross proceeds of up to C$3,939,600.

The company paid finder's fees totaling C$165,428 in cash commissions, along with warrants exercisable for up to 735,730 common shares at C$0.30 until June 26, 2028. Securities issued are subject to a hold period through October 27, 2026.

You May Also Be Interested In

• Electra Therapeutics files for proposed IPO
• Nomura/Instinet Starts Clean Max Enviro Energy Solutions (CLEANMAX:IN) at Buy
• Jefferies Starts Schloss Bangalore Ltd (THELEELA:IN) at Buy