Business
Pacific Ridge Raising $2.4M to Explore Portfolio of U.S. Copper and Gold Projects
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2025) - Pacific Ridge Exploration Ltd....
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"Pacific Ridge Raising $2.4M to Explore Portfolio of U.S. Copper and Gold ProjectsVancouver, British Columbia--(Newsfile Corp. - January 27, 2025) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) (\"Pacific Ridge\" or the \"Company\") is pleased to announce its plans to raise $2.4M to explore the portfolio of recently optioned copper and gold projects (the \"Projects\") in the United States: the Mineral Hill gold project (Wyoming), the Red Star copper project (Utah), the Ripsey West copper project (Arizona), and the Royston copper project (Nevada). Please see news release dated January 8, 2025, for further information. \"These highly prospective Projects are located in mining-friendly states, are road accessible, and are ready to be drilled,\" said Blaine Monaghan, President and CEO of Pacific Ridge. \"Additionally, the Projects complement our existing portfolio of copper projects in Canada and expand our footprint into areas that include some of the world's largest porphyry copper mines. We are excited to get to work.\"The Company plans to issue up to 15,000,000 units (\"Units\") at a price of $0.16 per Unit in a non-brokered private placement for gross proceeds of up to $2,400,000 (the \"Financing\"). Each Unit will be comprised of one common share of the Company and one common share purchase warrant (\"Warrant\"). Each Warrant will be exercisable to purchase one additional common share at an exercise price of $0.24 for a period of 36 months. The Warrants contain an accelerated expiry clause (the \"Acceleration Clause\"). Pursuant to the Acceleration Clause, if the common shares of the Company close at or above $0.40 for ten (10) consecutive trading days on the TSX Venture Exchange (\"TSXV\"), then Pacific Ridge may elect to accelerate the expiry date of the Warrants by issuing a news release announcing the accelerated Warrant term, pursuant to which the Warrants will expire on the 30th calendar day after the date of such news release.Proceeds from this Financing will be used to explore the Projects and for general working capital. Pacific Ridge may pay finder's fees of 6% cash on a portion of the Financing. The Financing and payment of finder's fees are subject to TSXV acceptance.About the ProjectsMineral HillMineral Hill is over 902 hectares in size (comprising 19 patented lode and placer claims, and 17...