Business
Pacific Ridge Announces Flow Through Financing
Vancouver, British Columbia--(Newsfile Corp. - July 14, 2020) - Pacific Ridge Exploration Ltd....
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"Pacific Ridge Announces Flow Through FinancingVancouver, British Columbia--(Newsfile Corp. - July 14, 2020) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (\"Pacific Ridge\" or the \"Company\") announces that it is proposing to issue up to 4,000,000 units in a flow-through private placement at a price of $0.075 per unit (\"FT Unit\") for gross proceeds of $300,000. Each FT Unit will be comprised of one common share of the Company that qualifies as a \"flow-through share\" for the purposes of the Income Tax Act (Canada) (an \"FT Unit Share\") and one-half of one common share purchase warrant, with each whole warrant exercisable to purchase one additional non-flow-through common share at an exercise price of $0.12 for a period of 18 months, subject to the following acceleration provision: if at any time after 4 months from the date of issue of the warrants the closing market price of the Company's common shares on the TSX Venture Exchange is greater than $0.35 per share for 20 consecutive trading days (the \"Triggering Event\"), the Company may, within 5 days of the Triggering Event, accelerate the expiry date of the warrants by giving notice thereof to the holders of the warrants, by way of press release, in which event the warrants will expire on the 30th day after the date on which such notice is given.Proceeds from the private placement will be used for carrying out surface exploration programs at its Kliyul and Redton Au-Cu porphyry prospects in central British Columbia.The Company is proposing to pay finder's fees of 6% cash and 6% finder's warrants on a portion of the private placement. The private placement and payment of finder's fees are subject to regulatory approval.About Pacific RidgePacific Ridge is a well-financed junior exploration company that has assembled a portfolio of highly prospective gold and base metal projects located in the Yukon and British Columbia, where its board and management team have a track record of success. Its holdings include the new Kliyul and Redton copper-gold porphyry projects in north-central British Columbia, the Mariposa, Eureka Dome and Gold Cap gold exploration projects in the Klondike-White Gold District, Fyre Lake Cu-Au-Co massive sulphide deposit in the Finlayson District and the Spius Cu-Mo porphyry prospect in southern British Columbia.On behalf of the Board of Directors,\"Gerald...