Pacific Ridge raises C$2.7 million in first tranche of private placement

Pacific Ridge Exploration Ltd. (TSXV: PEX) closed the first tranche of its private placement offering, raising gross proceeds of C$2.7 million. The Vancouver-based copper exploration company sold 11.39 million units at C$0.20 per unit and 1.8 million flow-through units at C$0.23 per unit.

Each unit includes one common share and one warrant exercisable at C$0.28 from November 2025 to September 2028. Red Cloud Securities Inc. served as sole agent and bookrunner for the transaction.

The company plans to use proceeds for exploration of its Kliyul and RDP copper-gold projects in British Columbia, along with general working capital and corporate purposes. Proceeds from flow-through shares will fund Canadian exploration expenses that qualify for tax renunciation to purchasers by December 31, 2025.

Red Cloud received cash fees of C$132,596 and 651,480 broker warrants exercisable at C$0.20 per share until September 2028. Two company directors participated in the offering, purchasing 100,000 flow-through units and 100,000 regular units combined.

Units sold to Canadian investors under the listed issuer financing exemption are freely tradeable. Flow-through units and broker warrants remain subject to a hold period until January 6, 2026. The closing requires final approval from the TSX Venture Exchange.

Pacific Ridge operates copper-gold exploration projects in British Columbia, with Kliyul as its flagship property in the Quesnel terrane. The company's portfolio also includes the RDP, Chuchi, Onjo, and Redton copper-gold projects.

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