Source: caesarsreport.com
  • Pacific Ridge Exploration (PEX) has closed a private placement of flow-through units for gross proceeds of $6,000,000
  • The company issued a total of 18,750,000 FT units at a price of C$0.32 per unit
  • Proceeds raised will be used to fund a diamond drill program at the company’s flagship Kliyul copper-gold project and at the Chuchi copper-gold project in 2023
  • Pacific Ridge Exploration Ltd is an exploration stage company engaged in the acquisition and exploration of mineral properties in Canada and the United States
  • Pacific Ridge Exploration Ltd. (PEX) is down 1.96 per cent, trading at C$0.25 per share at 11 am ET

Pacific Ridge Exploration (PEX) has closed a private placement of flow-through units for gross proceeds of $6,000,000.

The company issued 18,750,000 FT units at a price of C$0.32 per unit, including 3,125,000 FT units exercised under the underwriters’ over-allotment option.

Each FT Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.40 at any time on or before December 19, 2024.

All securities issued will be subject to a statutory hold period ending on April 20, 2023.

Proceeds raised will be used to fund a diamond drill program at the company’s flagship Kliyul copper-gold project and at the Chuchi copper-gold project in 2023. Kliyul and Chuchi are located in northcentral British Columbia.

Pacific Ridge paid a cash commission of C$360,000 and issued 1,125,000 compensation warrants to the underwriters, led by Red Cloud Securities Inc.

Pacific Ridge’s goal is to become British Columbia’s leading copper-gold exploration company. The company’s flagship project is the Kliyul copper-gold project, located approximately 50 km southeast of Centerra Gold Inc’s Kemess mine.

Pacific Ridge Exploration Ltd. (PEX) is down 1.96 per cent, trading at C$0.25 per share at 11 am ET.


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