Pacific Ridge Exploration (PEX.V) has closed its bought deal private placement for a total of C$6M. The placement consisted of 18.75 million flow-through units priced at C$0.32 per unit with each unit consisting of one flow-through share and half a warrant. Each full warrant (9.375M warrants were issued) allow the warrant holder to acquire an additional share at C$0.40 within a two year period. Should these warrants end up being in the money and exercised, Pacific Ridge will receive C$3.75M in cash.
Pacific also issued 1.125M compensation warrants to the underwriters (on top of the C$360,000 finders fee which represents 6% of the financing) with a strike price of C$0.32. These compensation warrants will also expire in December 2024 and if exercised, they would bring in an additional C$360,000 which means that the warrants issued as part of this financing could bring in approximately C$4.1M in hard dollars if they are exercised between now and the end of 2024.
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