Pacific Ridge Exploration (PEX.V) has closed a first tranche of its previously announced financing. It issued just under 7.5 million flow-through units at C$0.095 per flow-through unit as well as just under 12.1 million hard dollar units at C$0.08. This allowed the company to raise approximately C$710,000 in flow-through funds and just under C$970,000 in hard dollar funds. Both the flow-through and non-flow through unit contain a full warrant with each warrant allowing the warrant holder to acquire an additional share at C$0.12 until March 2026.
The C$710,000 in flow-through funds will have to be spent by the end of this year but as Pacific Ridge has several assets in British Columbia that warrant following up previous exploration results.
Disclosure: The author has a long position in Pacific Ridge Exploration. Pacific Ridge is a sponsor of the website. Please read the disclaimer.
