Pacific Ridge Closes Hard Dollar and Traditional Flow-Through Portions of Private Placement for Gross Proceeds of C$4.5 Million

About this update from Pacific Ridge Exploration Ltd.

Vancouver, British Columbia--(Newsfile Corp. - June 26, 2026) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQW) ("Pacific Ridge" or the "Company") is pleased to announce that it has closed the initial tranche of its previously announced private placement (the "Offering") for gross proceeds of C$4,516,800.02 from the sale of (i) 9,920,000 hard dollar units (the "HD Units") at a price of C$0.20 per HD Unit; and (ii) 11,012,174 flow-through units (the "FT Units") at a price of $0.23 per FT Unit. The charitable flow-through portion of the Offering, which the Company anticipates will be completed in early July, will be increased to be comprised of up to 13,400,000 charity flow-through shares (the "CFT Shares") at a price of C$0.294 per CFT Shares for gross proceeds of up to C$3,939,600. Each HD Unit consists of one common share (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each FT Unit consists of one common share of the Company that will qualify as a "flow-through share" (a "FT Share") within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Income Tax Act") and one-half of one Warrant that will also qualify as a "flow-through share" within the meaning of the Income Tax Act. Each Warrant entitles the holder to purchase one common share of the Company (a "Warrant Share") at a price of C$0.30 at until June 26, 2028. The gross proceeds from the FT Shares will be used for drilling at the Kliyul copper-gold project located in British Columbia. The net proceeds from the HD Units will be used for general working capital and corporate purposes. The gross proceeds from the sale of FT Units will be used to incur, on or before December 31, 2027, resource exploration expenses that will constitute "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow-through mining expenditures" as defined in subsection 127(9) of the Income Tax Act (collectively, "Qualifying Expenditures"). Such Qualifying Expenditures will be renounced on a pro rata basis to each subscriber for FT Units with an effective date of no later than December 31, 2026, in accordance with the Income Tax Act. As consideration for arranging the Offering, the Company has paid finder's fees comprised of a cash commission in the aggregate amount of $165,428 and warrants (the "Finder's ...

View stock analysis, news, and events for Pacific Ridge Exploration Ltd.