$PEX.V

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

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

$PEX.V

Mining & Metals22d ago

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

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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