Business
Pacific Ridge Closes Flow Through Financing
Vancouver, British Columbia--(Newsfile Corp. - October 5, 2020) - Pacific Ridge Exploration Lt...
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"Pacific Ridge Closes Flow Through FinancingVancouver, British Columbia--(Newsfile Corp. - October 5, 2020) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (\"Pacific Ridge\" or the \"Company\") has closed the second and final tranche of its previously announced flow-through private placement by issuing 550,000 units at a price of $0.075 per unit (\"FT Unit\") for gross proceeds of $41,250. In total, the Company has now closed 3,119,999 units in two tranches for total gross proceeds of $234,000. Each FT Unit consists of one common share of the Company that qualifies as a \"flow-through share\" for the purposes of the Income Tax Act (Canada) 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.Securities issued in this tranche of the private placement include a legend restricting trading of the securities until February 3, 2021. Finder's fees of 6% cash and 6% finder's warrants are payable on a portion of the private placement. The private placement and payment of finder's fees are subject to TSX Venture Exchange acceptance. Net 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.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 explo...