RE:I knew it
Pacific Ridge to increase Kliyul drilling to 6,800 m
2022-09-02 16:12 ET - News Release
Mr. Blaine Monaghan reports
PACIFIC RIDGE TO INCREASE SIZE OF DRILL PROGRAM AT THE KLIYUL COPPER-GOLD PROJECT
Pacific Ridge Exploration Ltd. is planning to increase the size of the diamond drill program currently under way at the Kliyul copper-gold project, located in north-central British Columbia, from 6,000 metres (m) to 6,800 m. The Company will fund the additional drilling through the issuance of up to 2,391,305 units in a non-brokered private placement at a price of $0.23 per unit ("Unit") for gross proceeds of up to $550,000 (the "Financing"). Crescat Capital LLC ("Crescat") intends to acquire all of the Units.
"Right now, we have the capacity to increase the size of the drill program currently underway at Kliyul," said Blaine Monaghan, President & CEO of Pacific Ridge. "With a relatively short exploration season, it is critically important to drill as many metres as possible before the onset of winter conditions. I would like to thank Crescat, our largest shareholder, for providing us with the funds necessary to maximize our 2022 exploration season."
Proceeds from this Financing will be used for additional drilling at Kliyul and for general working capital.
Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable to purchase one additional common share at an exercise price of $0.35 for a period of 2 years. The Financing is subject to TSX Venture Exchange acceptance.