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Pacific Ridge Closes First Tranche of Brokered Private Placement for Gross Proceeds of C$2.7 Million
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2025) - Pacific Ridge Exploration Ltd...
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"Pacific Ridge Closes First Tranche of Brokered Private Placement for Gross Proceeds of C$2.7 MillionVancouver, British Columbia--(Newsfile Corp. - September 5, 2025) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQW) (\"Pacific Ridge\" or the \"Company\") is pleased to announce that it has closed the first tranche (the \"First Tranche\") of its previously announced \"best efforts\" private placement (the \"Offering\") for gross proceeds of C$2,692,920 from the sale of (i) 11,390,000 units of the Company (the \"Units\") at a price of C$0.20 per Unit and (ii) 1,804,000 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. Red Cloud Securities Inc. (\"Red Cloud\") is acting as sole agent and bookrunner in connection with the Offering.Each Unit consists of one common share of the Company and one common share purchase warrant (each, a \"Warrant\"). Each FT Unit consists of one common share of the Company 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 entitles the holder thereof to purchase one common share of the Company at a price of C$0.28 at any time from November 5, 2025 to September 5, 2028.The Company intends to use the net proceeds of the Offering for the exploration of the Company's Kliyul and RDP copper-gold projects in British Columbia as well as for general working capital and corporate purposes, as is more fully described in the Offering Document (as defined herein).Gross 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, provided the Tax Act is amended as proposed by the Department of Finance press release on March 3, 2025, \"flow-through mining expenditures\" as defined in subsection 127(9) of the Income Tax Act. Such gross proceeds will be renounced to the purchasers of the FT Units with an effective date not later than December 31, 2025, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of the FT Shares.In accordance with National Instrument 45-106 - Prospectus Exemptions (\"NI 45-106\"), the Units were issued to Canadian purchasers p...