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Pacific Ridge Closes $1.5 Million Financing for Summer Drill Program at Kliyul Copper Gold Project; Crescat Lead Order
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2021) - Pacific Ridge Exploration Ltd. ...
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"Pacific Ridge Closes $1.5 Million Financing for Summer Drill Program at Kliyul Copper Gold Project; Crescat Lead OrderVancouver, British Columbia--(Newsfile Corp. - June 4, 2021) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (\"Pacific Ridge\" or the \"Company\") is pleased to announce that it has closed the previously announced non-brokered private placement by issuing 10,000,000 units at a price of $0.15 per unit (\"Unit\") for gross proceeds of $1,500,000 (the \"Financing\"). Crescat Capital LLC (\"Crescat\") acquired 7,000,000 of the Units.Proceeds from the Financing will be used for a 2,500-metre diamond drill program at Pacific Ridge's flagship Kliyul copper-gold project, located in the Quesnel Trough, British Columbia, an exploration program at the recently acquired RDP copper-gold project, and for general working capital. The Company expects that the drill program at Kliyul will commence sometime in July.\"Pacific Ridge's Kliyul project displays telltale signs of a potentially high-grade Cu-Au porphyry at depth,\" commented Quinton Hennigh, technical advisor to Crescat. \"Although Kliyul has only seen limited drilling to date, evidence of a high-grade porphyry driver includes the presence of the copper rich mineral, bornite, in certain drill intercepts and gold grades that are sometimes considerably higher than most BC porphyry systems. The hypothesis Pacific Ridge has developed is that the underlying porphyry at Kliyul may be like that which generated the deep high-grade Red Chris porphyry further to the northwest. Pacific Ridge has a well-devised deep drill plan scheduled for this season, and we are anxious to see if this exciting hypothesis proves correct.\"\"I'm very pleased to welcome Crescat as a strategic shareholder of Pacific Ridge,\" said Blaine Monaghan, President and CEO of Pacific Ridge. \"With approximately CAD$2.8 million in treasury, we are well funded to complete the drill program at Kliyul and advance our other copper-gold projects, RDP and Redton.\"Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable to purchase one additional common share at an exercise price of $0.23 for a period of 24 months. Securities issued in this private placement include a legend restricting trading of the securities until October 4...