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Pacific Ridge to Increase Size of Drill Program at the Kliyul Copper-Gold Project
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2022) - Pacific Ridge Exploration ...
About this update from Pacific Ridge Exploration Ltd.
[{"type":"text","content":"Pacific Ridge to Increase Size of Drill Program at the Kliyul Copper-Gold ProjectVancouver, British Columbia--(Newsfile Corp. - September 2, 2022) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (\"Pacific Ridge\" or the \"Company\") is pleased to announce its plans to increase the size of the diamond drill program currently underway at the Kliyul copper-gold project (\"Kliyul\"), located in northcentral B.C., from 6,000 m to 6,800 m. The Company will fund the additional drilling through the issuance of up to 2,391,305 units in a non-brokered private placement at a price of $0.23 per unit (\"Unit\") for gross proceeds of up to $550,000 (the \"Financing\"). Crescat Capital LLC (\"Crescat\") intends to acquire all of the Units.\"Right now, we have the capacity to increase the size of the drill program currently underway at Kliyul,\" said Blaine Monaghan, President & CEO of Pacific Ridge. \"With a relatively short exploration season, it is critically important to drill as many metres as possible before the onset of winter conditions. I would like to thank Crescat, our largest shareholder, for providing us with the funds necessary to maximize our 2022 exploration season.\" Proceeds from this Financing will be used for additional drilling at Kliyul and for general working capital. Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable to purchase one additional common share at an exercise price of $0.35 for a period of 2 years. The Financing is subject to TSX Venture Exchange acceptance. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.About Pacific RidgeOur goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's flagship project is the Kliyul copper-gold project, located in the prolific Quesnel Trough, approximately 50 km southeast of Ce...