Business
Pacific Ridge Announces C$5.0M Bought Deal Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2022) - Pacific Ridge Exploration Ltd....
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"Pacific Ridge Announces C$5.0M Bought Deal Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 1, 2022) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (\"Pacific Ridge\" or the \"Company\") has entered into an agreement with Red Cloud Securities Inc. to act as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (the \"Underwriters\"), pursuant to which the Underwriters have agreed to purchase for resale 15,625,000 flow-through units of the Company (each, a \"FT Unit\") at a price of C$0.32 per FT Unit (the \"Offering Price\") for gross proceeds of C$5,000,000. Each FT Unit will consist of one common share of the Company to be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant shall entitle the holder to purchase one common share of the Company (each, a \"Warrant Share\") at a price of C$0.40 at any time on or before that date which is 24 months after the closing date of the Offering.The Company has granted to the Underwriters an option, exercisable up to 48 hours prior to the closing date of the Offering, to purchase for resale up to 3,125,000 FT Units at the Offering Price to raise additional gross proceeds of up to C$1,000,000.Proceeds from the sale of FT Shares will be used to incur \"Canadian exploration expenses\" as defined in subsection 66.1(6) of the Income Tax Act and \"flow through mining expenditures\" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares. The Company intends to use the proceeds raised from the Offering for exploration of the Company's flagship Kliyul copper-gold project, located in the prolific Quesnel Trough in northwest British Columbia, as well as for exploration of the Company's other projects in British Columbia. The Offering is scheduled to close on or around December 22, 2022 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange. Pacific Ridge has agreed to pay to th...