- Pacific Ridge (PEX) raising $1.5 million for a drill program at Kliyul Copper-Gold Project; Lead Order from Crescat
- Proceeds from this financing will be used for a 2,500-metre diamond drill program at Pacific Ridge's flagship Kliyul copper-gold project, located in British Columbia
- Each Unit will be comprised of one common share of Pacific and one-half of one common share purchase warrant
- It is expected that the closing of the Financing will occur on or about June 4, 2021
- Pacific's goal is to become one of the leading copper-gold exploration companies in British Columbia
- Pacific Ridge Exploration Ltd. (PEX) is up 20 per cent and is trading at C$0.18 at 2:47 pm ET
Pacific Ridge Exploration Ltd. (PEX) plans to issue up to 10 million units in a non-brokered private placement.
Units will be offered at a price of $0.15 for gross proceeds of up to $1.5 million.
Crescat Capital LLC intends to acquire 7 million of the units.
"We are encouraged by this unique copper and gold system. It appears to have higher grades than other big porphyry projects in British Columbia," commented Kevin Smith, Crescat's Chief Investment Officer.
Proceeds from this Financing will be used for a 2,500-metre diamond drill program at Pacific Ridge's flagship Kliyul copper-gold project, located in British Columbia, for exploration on the company's other projects, and for general working capital.
"I'm thrilled that Crescat has recognized Kliyul's potential," said Blaine Monaghan, President and CEO of Pacific Ridge.
"Importantly, the lead order from Crescat means that the Kliyul drill program is now fully funded. We look forward to the drill turning sometime in July," added Monaghan.
Each Unit will be comprised of one common share of Pacific and one-half of one common share purchase warrant, with each whole warrant exercisable to purchase one additional common share at an exercise price of $0.23 for a period of 24 months.
It may pay finder's fees of 5 per cent cash on a portion of the private placement.
The private placement and payment of finder's fees are subject to regulatory approval. It is expected that the closing of the Financing will occur on or about June 4, 2021.
Crescat is a global macro asset management firm headquartered in Denver, Colorado.
Crescat's mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models.
Crescat is advised by its technical consultant Dr. Quinton Hennigh on gold and silver resource companies.
Dr. Hennigh became an economic geologist after obtaining his Ph.D. in Geology/Geochemistry from the Colorado School of Mines.
He has more than 30 years of exploration experience with major gold mining firms that include Homestake Mining, Newcrest Mining and Newmont Mining.
Pacific's goal is to become one of the leading copper-gold exploration companies in British Columbia.
Pacific Ridge's flagship project is the advanced-stage Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold's Kemess project.
Pacific Ridge Exploration Ltd. (PEX) is up 20 per cent and is trading at C$0.18 at 2:47 pm ET.