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Pacific Ridge Exploration Ltd. — Capital/Financing Update 2022
Sep 23, 2022
43700_rns_2022-09-23_6e7ee8f3-83e9-4b0a-a26f-ed21091265a2.pdf
Capital/Financing Update
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51-102F3 MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
Pacific Ridge Exploration Ltd. (the “Company”) Suite 1100 ‐ 1111 Melville Street Vancouver, BC V6E 3V6
Item 2 Date of Material Change
September 22, 2022
Item 3 News Release
A news release was issued in Vancouver, British Columbia on September 22, 2022 and distributed through Newsfile.
Item 4 Summary of Material Change
The Company closed its previously announced non-brokered private placement.
Item 5 Full Description of Material Change
The Company has closed the previously announced non-brokered private placement with Crescat Capital LLC and DELPHI Unternehmensberatung Aktiengesellschaft, the Company’s two largest shareholders. The Company issued 3,391,304 units at a price of $0.23 per unit (“Unit”) for gross proceeds of $780,000 (the “Financing”). Proceeds from this Financing will be used for additional drilling at the Company’s flagship Kliyul copper-gold project, located in the prolific Quesnel Trough in northcentral B.C., and for general working capital. Each Unit is 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. Securities issued in this non-brokered private placement include a legend restricting trading of the securities until January 23, 2023. No finders’ fees were payable in connection with the Financing. The Financing is subject to final acceptance of the TSX Venture Exchange.
Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102
This report is not being filed on a confidential basis in reliance on subsection 7.1(2) of National Instrument 51-102.
Item 7 Omitted Information
No information has been omitted on the basis that it is confidential information.
Item 8 Executive Officer
The following officer of the Company is knowledgeable about the material change disclosed in this report: Blaine Monaghan, President & CEO, Tel: (604) 687-4951
Item 9 Date of Report
September 23, 2022