Pacific Ridge Exploration (PEX.V) will be raising C$1.5M in a private placement consisting of 10 million units priced at C$0.15. Each unit will consist of one common share as well as half a warrant whereby each full warrant will allow the warrant holder to acquire an additional share for C$0.23 for a period of two years after closing (which is anticipated in June). The lead order for the financing is Crescat Capital which will take care of 7 million of the units (70%).
The funds will be used to start drilling the Kliyul copper-gold project (and the timing could be perfect as gold is holding up very well and the copper price is still on fire as well). Drilling is anticipated to start in July and will likely take about two months.
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