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Pacific Ridge Exploration Up 5% as It Plans to Raise $7.2 Million in a Non-Brokered Private Placement of Units

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Pacific Ridge Exploration (PEX.V) on Thursday sit it plans to raise up to $7.2 million from a non-brokered private placement.

The offering consists of up to five-million hard dollar units (HD units) priced at $0.20 each for $1 million, up to 11-million flow-through units (FT units) at $0.23 each for $2.5 million, and up to 12.5-million charity flow-through shares (CFT shares) at $0.294 each.

The company said that it understands that a strategic investor may buy up to 12.5-million common shares of the company, which is expected to represent about 13.7% of the outstanding common shares of Pacific Ridge, and would result in the strategic investor becoming the company's largest shareholder.

Each HD unit consists of a share and one half of a two-year warrant to buy a share. Each FT and CFT unit consists of a tax-advantaged share and one half of a warrant to buy a share that will also qualify as a flow-through share.

Proceeds from the CFT shares will be used for drilling at the RDP copper-gold project located in British Columbia and proceeds from the FT shares will be used for drilling at the Kliyul copper-gold project, also located in British Columbia. Net proceeds from HD units will be used for general working capital and corporate needs.

Shares of the company were last seen up $0.01 to $0.205 on the TSX Venture Exchange.

Price: $0.21, Change: $+0.01, Percent Change: +5.13%

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