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FINWIRES

Pacific Ridge Exploration Raises C$4.5 Million in First Tranche of a Private Placement

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Pacific Ridge Exploration (PEX.V) on Friday said it raised C$4.5 million in the first tranche of a private placement of flow-through and common shares.

The company placed of 9.92-million hard-dollar common-share units (HD units) at C$0.20 apiece, and 11-million flow-through units (FT) at C$0.23 each.

Each HD unit consists of one share and one half of a two-year warrant that can buy a for share at C$0.30.

Proceeds from the FT shares will be used for drilling at the Kliyul project in British Columbia. Proceeds from the HD units will be used for general working capital and corporate purposes.

The company is increasing the charitable flow-through portion of the offering to up to 13.4-million charity flow-through shares at C$0.294 each, for C$3.94 million proceeds. That portion is expected to close early July.

The company's shares were last seen up C$0.01 to C$0.19 on the TSX Venture Exchange

Price: $0.19, Change: $+0.01, Percent Change: +5.56%

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