The Prospector News

Pacific Ridge Closes Oversubscribed Financing; Raises over $3.0m for Follow up Drill Program at the RDP Copper-Gold Project

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Pacific Ridge Closes Oversubscribed Financing; Raises over $3.0m for Follow up Drill Program at the RDP Copper-Gold Project

Pacific Ridge Exploration Ltd. (TSX-V: PEX) (OTCQB: PEXZF) (FSE: PQW) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement raising a total of $3,064,988.91.

Proceeds from the Offering will be used for a follow up drill program at the Company’s 100% owned RDP copper-gold project and for general working capital. Drill hole RDP 22-005 returned 107.2 m of 1.39% copper equivalent* or 2.06 g/t gold equivalent** (0.63% copper, 1.10 g/t gold, and 2.91 g/t silver) within 497.2 m of 0.66% CuEq* or 0.97 g/t AuEq** (0.37% copper, 0.40 g/t gold, and 1.60 g/t silver)(see news release dated October 25, 2022). RDP is located at the southern end of the Toodoggone District in northcentral British Columbia, approximately 40 km west of the Company’s flagship Kliyul copper-gold project (see Figure 1).

“We would like to thank everyone that participated in the Offering,” said Blaine Monaghan, President & CEO of Pacific Ridge. “We are excited to go back to RDP and follow up on drill hole RDP 22-005, which returned one of B.C.’s highest-grade porphyry copper-gold intervals in 2022.”

 

Figure 1
Location of RDP and Pacific Ridge’s Other Copper-Gold Porphyry Projects

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5460/254521_318fee88747c1b18_001full.jpg

In this second tranche, the Company issued 15,184,494 units at a price of $0.14 per Unit for gross proceeds of $2,125,829.16 and 3,561,292 critical mineral flow-through units at a price of $0.17 per FT Unit for gross proceeds of $605,419.64. In the first tranche (see news release dated March 28, 2025), the Company issued 1,632,430 Units for gross proceeds of $228,540.20 and 618,823 FT Units for gross proceeds of $105,199.91.

Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each FT Unit is comprised of one common share of the Company issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and one Warrant. Proceeds from the sale of the FT Units will be used for “Canadian critical minerals exploration expenses” at Pacific Ridge’s B.C. projects. These expenditures will qualify as “critical mineral flow-through mining expenditures” within the meaning of the Income Tax Act (Canada).

In this second tranche of the Offering, each Warrant is exercisable to purchase one additional non-flow-through common share at an exercise price of $0.20 on or before June 4, 2028. The securities are subject to a hold period ending on October 5, 2025. The Company paid finder’s fees totalling $55,572.26 and issued 373,872 finder warrants in connection with the second tranche of the Offering. Each finder warrant is exercisable to purchase one common share at an exercise price of $0.20 on or before June 4, 2028. The Offering and payment of finder’s fees are subject to TSX Venture Exchange acceptance.

An insider of the Company subscribed for an aggregate 100,000 FT Units in this tranche of the Offering. Such participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by the insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.

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, 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 Ridge

Our goal is to become B.C.’s leading copper exploration company. Pacific Ridge’s flagship asset is its 100% owned Kliyul copper-gold project, located in the Quesnel terrane close to existing infrastructure. In addition to Kliyul, the Company’s project portfolio includes the RDP copper-gold project, the Chuchi copper-gold project, the Onjo copper-gold project, and the Redton copper-gold project, all located in British Columbia. Pacific Ridge would like to acknowledge that its B.C. projects are located in the traditional, ancestral and unceded territories of the Gitxsan Nation, McLeod Lake Indian Band, Nak’azdli Whut’en, Takla Nation, and Tsay Keh Dene Nation.

Website: www.pacificridgeexploration.com

Posted June 5, 2025

Share this news article

MORE or "UNCATEGORIZED"


Bunker Hill Announces Closing of $31 Million Combined Equity Financings and Debt Settlements Along with its Major Capital Restructuring

Bunker Hill Mining Corp. (TSX-V: BNKR)(OTCQB: BHLL) is pleased to announce that it has closed... READ MORE

June 6, 2025

Onyx Gold Closes Second Tranche of Non-Brokered Private Placement Financing with Strategic Investors

Onyx Gold Corp. (TSX-V: ONYX) (OTCQX: ONXGF) announces closing of the second and final tranc... READ MORE

June 6, 2025

Standard Uranium Announces Closing of Private Placement and Davidson River Exploration Update

Standard Uranium Ltd. (TSX-V: STND) (OTCQB: STTDF) (FSE: 9SU) has closed its previously announced n... READ MORE

June 5, 2025

NevGold Adds More Significant Oxide Gold-Antimony Results: 7.04 g/t AuEq Over 15.2 Meters (6.37 g/t Au And 0.15% Antimony) Within 4.14 g/t AuEq Over 29.0 Meters (3.56 g/t Au And 0.13% Antimony), and Expands Gold-Antimony Mineralization Over 400 Meters Along Strike at the Limousine Butte Project, Nevada

NevGold Corp. (TSX-V:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce that it has discover... READ MORE

June 5, 2025

Copyright 2025 The Prospector News