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PACIFIC RIDGE EXPLORATION LTD. ANNOUNCES PROPOSED PRIVATE PLACEMENTS
PACIFIC RIDGE EXPLORATION LTD. ANNOUNCES PROPOSED PRIVATE PLACEMENTS
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"\nPACIFIC RIDGE EXPLORATION LTD. ANNOUNCES PROPOSED PRIVATE PLACEMENTS\n\n\n Jul. 28, 2010 (TheNewswire.ca) -- Vancouver, B.C. - July 28, 2010 - Pacific Ridge Exploration Ltd. (OOTC:PEXZF) (TSX Venture: PEX)(the \"Company\") reports that, with a planned expansion of this year's exploration program on mineral properties held within it's Klondike Kate Project, located in the Yukon's South Klondike, additional funding will be raised by way of proposed private placement financings.The Company is proposing to sell by way of non-brokered private placement up to 4,000,000 Flow-Through Units to Canadian resident investors, each Flow-Though Unit priced at $0.14 to raise gross proceeds of up to $560,000. Each Flow-Through Unit is comprised of one Flow-Through Share and one-half of a transferable Non-Flow-Through share purchase warrant, each whole warrant entitling the holder to purchase one Non-Flow-Through common share at a price of $0.15 per share for 12 months.The Company is also proposing to sell by way of non-brokered private placement up to 2,000,000 Non-Flow-Through Units, each Non-Flow-Through Unit priced at $0.12 to raise gross proceeds of $240,000. Each Non-Flow-Through Unit is comprised of one common share and one transferable share purchase warrant, each warrant entitling the holder to purchase one common share at a price of $0.15 per share for 12 months.The Company will use the gross proceeds from the sale of the Flow-Through Shares comprising part of the Flow-Through Units for Canadian Exploration Expenses (\"CEE\"), within the meaning of the Income Tax Act (Canada), with the Company using its best efforts to ensure that such CEE qualify as a \"flow-through mining expenditure\" for purposes of the Income Tax Act (Canada), related to the exploration of the Company's mineral exploration projects located in Yukon, Canada. The Company expects to renounce such Canadian Exploration Expenses with an effective date of December 31, 2010. The Company intends to use the gross proceeds from the sale of the Non-Flow-Through Units for general working capital purposes and development of the Company's mineral property portfolio.In connection with the private placements, the Company is proposing to pay finders' fees in cash (6%) or shares equal in number to 6% of the number of Flow‑Through Units and Non-Flow-Through Units purchased by...