Pacific Ridge Exploration (PEX.V) has announced its plans to raise C$2.4M in an attempt to hit the ground running on its recently optioned copper and gold projects in the USA. We discussed those projects in more detail with CEO Blaine Monaghan here.
The financing was priced at C$0.16 per unit (after taking a 10:1 rollback into consideration) with each unit consisting of one common share and a full warrant. Each warrant has an exercise price of C$0.24 and will be active for a period of 36 months, subject to an acceleration clause (a closing price of C$0.40 for ten consecutive days). Issuing 15 million new shares would increase the share count to 32.4 million shares for a market capitalization of C$5.5M.
Disclosure: The author has a long position in Pacific Ridge. Pacific Ridge is a sponsor of the website. Please read the disclaimer.
