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Pacific Ridge Announces Brokered Private Placement for Gross Proceeds of up to C$4 Million
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U...
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"Pacific Ridge Announces Brokered Private Placement for Gross Proceeds of up to C$4 MillionTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVancouver, British Columbia--(Newsfile Corp. - August 18, 2025) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) (\"Pacific Ridge\" or the \"Company\") is pleased to announced that it has entered into an agreement with Red Cloud Securities Inc. (\"Red Cloud\" or the \"Agent\") to act as sole agent and bookrunner in connection with a \"best efforts\" private placement (the \"Marketed Offering\") for aggregate gross proceeds of up to C$4,000,000 from the sale of the following:up to 15,000,000 units of the Company (the \"\"Units\"\") at a price of C$0.20 per Unit for gross proceeds of up to C$3,000,000; andup to 4,347,826 flow-through units of the Company (the \"\"FT Units\"\", and together with the Units, the \"Offered Units\") at a price of C$0.23 per FT Unit for gross proceeds of up to C$1,000,000.Each Unit will consist of one common share of the Company (a \"Unit Share\") and one common share purchase warrant (a \"Warrant\"). Each FT Unit will consist of one common share of the Company to be issued as a \"flow-through share\" (each, a \"FT Share\") within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Income Tax Act\") and one Warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company (a \"Warrant Share\") at a price of C$0.28 at any time on or following the date that is 61 days following the Closing Date (as defined herein) until the date that is 36 months following the Closing Date.The Company also grants the Agent an option, exercisable in full or in part up to 48 hours prior to the closing of the Marketed Offering, to raise up to an additional C$1,000,000 in gross proceeds from the sale of any combination of Units and FT Units at their respective offering prices (the \"Agent's Option\"), subject to the maximum sale of 4,196,734 Units under the Agent's Option. The Marketed Offering and the securities issuable upon exercise of the Agent's Option shall be collectively referred to as the \"Offering\".The Company intends to use the net proceeds of the Offering for continued drilling at the RDP copper-gold project and for a restart of drilling at the...