Pacific Ridge Exploration (PEX.V) has announced it will not be proceeding with the previously announced option agreements to acquire a portfolio of US-based copper and gold projects. The related financing to the tune of C$2.4M has also been canceled and is now replaced by a financing to the tune of C$1.86M. The company plans to issue up to 6 million units at C$0.14 per unit and a flow-through financing priced at C$0.17 per flow-through unit to issue up to 6 million FT units.
Both portions of the financing will have a full warrant which will allow the warrant holder to acquire an additional share at C$0.20 during a three year period. The flow-through funds will immediately be deployed on the RDP copper-gold project in British Columbia where the company intersected some interesting intervals like 497 meters of 0.66% copper-equivalent and 107 meters containing 1.39% copper-equivalent.
Pacific Ridge now plans to go back to the Day target where those strong intercepts were found in 2022 as it feels the follow-up drill program in 2023 did not adequately test the potential. This year’s focus will be on targeting the porphyry source at the Day target.
Disclosure: The author has a long position in Pacific Ridge Exploration. Pacific Ridge is a sponsor of the website. Please read the disclaimer.
