Business
Pacific Ridge Provides Update on Kliyul and Redton Properties
Vancouver, British Columbia--(Newsfile Corp. - July 21, 2020) - Pacific Ridge Exploration Ltd....
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"Pacific Ridge Provides Update on Kliyul and Redton PropertiesVancouver, British Columbia--(Newsfile Corp. - July 21, 2020) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (\"Pacific Ridge\" or the \"Company\") reports that it has now filed technical reports with respect to the previously-announced acquisitions of the Kliyul and Redton gold-copper porphyry projects located in the Omineca Mining Division, British Columbia, as required by the TSX Venture Exchange. The Company has now satisfied all requirements to receive final TSX Venture Exchange acceptance of the acquisitions. Pacific Ridge has the right to earn a 51% interest in the Kliyul and Redton properties from Aurico Metals Inc. by making cash payments totaling $100,000, issuing 2.0 million shares and spending $3.5 million on exploration by December 31, 2023. The Company then has the right to increase its interest in the properties to 75% by making additional payments totaling $60,000, issuing 1.5 million shares and completing an additional $3.5 million in exploration by December 31, 2025. The Company also announces that it has granted Freeform Communications Inc. 200,000 incentive stock options in accordance with an investor relations agreement announced on July 3, 2020. The stock options are exercisable for 2 years at a price of $0.05 per share and vest in stages over 12 months with 25% vesting each quarter. 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 G. Carlson\"Gerald G. CarlsonPresident & CEOPacific Ridge Exploration Ltd.For further information, contact:Pacific Ridge Exploration Ltd.Gerald G. CarlsonPresident & CEOTel: (604) 687-4951www.pacificridgeexploration.comNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is de...