VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 13, 2016) -
THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") announces that it is
proposing to issue up to 3,750,000 units in a flow-through private placement at a price of $0.08 per unit ("FT Unit") for gross
proceeds of $300,000. Each FT Unit consists of one flow-through common share and one half share purchase warrant, with each whole
warrant exercisable to purchase one additional non-flow-through common share at an exercise price of $0.14 for a period of 18
months, subject to the following acceleration provision: if at any time after 4 months from the date of issue of the warrants the
closing market price of the Company's common shares on the TSX Venture Exchange is greater than $0.25 per share for 20
consecutive trading days (the "Triggering Event"), the Company may, within 5 days of the Triggering Event, accelerate the expiry
date of the warrants by giving notice thereof to the holders of the warrants, by way of press release, in which event the
warrants will expire on the 30th day after the date on which such notice is given.
Proceeds from the private placement will be used for carrying out a drill program on the Company's newly acquired TL Zinc
project, located east of Vernon, in southern British Columbia. The target at TL is a large Broken Hill type or SEDEX (Sedimentary
Exhalative) Zn‐Pb‐Ag massive sulfide deposit (see the Company's August 11, 2016 News Release for details).
The Company is proposing to pay finder's fees of 6% cash and 6% finder's warrants on a portion of the private placement. The
private placement and payment of finder's fees are subject to regulatory approval.
The technical information contained within this News Release has been reviewed and approved by Gerald G. Carlson, Ph.D.,
P.Eng., President and CEO of Pacific Ridge and a Qualified Person as defined by National Instrument 43-101 policy.
On behalf of the Board of Directors,
Gerald G. Carlson, President & CEO, Pacific Ridge Exploration Ltd.
THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration
drilling and other activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur,
are forward-looking statements. Forward-looking statements in this news release include statements regarding the placements and
future exploration plans and expenditures. Although Pacific Ridge believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or
developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ
materially from those in forward looking statements include market prices, exploration successes, and continued availability of
capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions
including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of
regulatory and governmental approvals for the transactions described herein, the ability of Pacific Ridge and other parties to
satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Pacific Ridge's
proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a
timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or
developments may differ materially from those projected in the forward-looking statements. Pacific Ridge does not assume any
obligation to update or revise its forward-looking statements, whether as a result of new information, future events or
otherwise, except as required by applicable law.