Pacific Ridge closes $2.69M first tranche of placement

Executive Summary

• Pacific Ridge Exploration Ltd. closed the first tranche of its best‑efforts private placement, raising gross proceeds of C$2.7 million.
• The offering consisted of 11.39 million regular units at C$0.20 per unit and 1.804 million flow‑through (FT) units at C$0.23 per FT unit.
• Net proceeds will fund exploration on the Kliyul and RDP copper‑gold projects in British Columbia, as well as general working capital.

Key Details

• Units sold: 11.39 M regular units @ C$0.20 each; 1.804 M FT units @ C$0.23 each.
• Gross proceeds: C$2,692,920 (≈ US$2.0 M).
• Warrant structure: Each unit includes one common share and one common‑share purchase warrant; each FT unit includes one flow‑through share and one warrant. Warrants allow purchase of common shares at C$0.28, exercisable 5 Nov 2025 – 5 Sept 2028.
• Broker compensation: Red Cloud Securities received cash fees of $132,596.40 plus 651,480 non‑transferable broker warrants (exercisable at C$0.20 per share, until 5 Sept 2028).
• Use of proceeds: Primarily for exploration of the Kliyul and RDP copper‑gold projects; remainder for general working capital and corporate purposes. FT proceeds earmarked for Canadian exploration expenses under Subsection 66.1(6) and potential flow‑through mining expenditures pending tax amendment.
• Statutory hold period: Securities from this issuance subject to a hold until 6 Jan 2026, except as permitted by applicable legislation/TSX‑V policies.
• Insider participation: Two directors (one also an officer) purchased 100,000 FT units and 100,000 regular units; transaction exempt from MI 61‑101 valuation/minority approval thresholds (<25% market cap).
• Agent/bookrunner: Red Cloud Securities Inc., acting as sole agent and bookrunner.
• Closing condition: Final tranche closing subject to TSX‑V approval.

Notable Quotes

(No direct quotes were provided in the release.)