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Vancouver, British Columbia--(Newsfile Corp. - January 21, 2025) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) ("Pacific Ridge" or the "Company") announces that the previously reported consolidation (the "Consolidation")(see news release dated January 8, 2025) of its common shares ("Common Shares") on the basis of one (1) post-Consolidation Common Share for every ten (10) pre-Consolidation Common Shares (the "Consolidation Ratio") is anticipated to be made effective for trading purposes on January 23, 2025.
"We believe that the Consolidation will help us attract the capital needed to explore and advance the recently optioned portfolio of copper and gold projects located in America," said Blaine Monaghan, President and CEO of Pacific Ridge. Post Consolidation, Pacific Ridge will have approximately 17.0M Common Shares issued and outstanding, a market capitalization under CAD$5.0M, and will own or control eight copper projects in premier copper mining in America and Canada. We will seek partners to continue advancing our Canadian copper projects, over $20.0M has been spent on these projects since 2021, while we focus on the recently optioned portfolio of copper and gold projects located in America."
The Common Shares will continue trading on the TSX Venture Exchange ("TSXV") on a post-Consolidation basis under the name "Pacific Ridge Exploration Ltd." and the trading symbol "PEX". The new CUSIP and ISIN of the Common Shares will be 694798604 and CA6947986049, respectively. The Consolidation is subject to approval by the TSXV.
No fractional Common Shares will be issued in connection with the Consolidation and, in the event that a registered shareholder would otherwise become entitled to a fractional post-Consolidation Common Share, then such fractional share interest shall be rounded down to the nearest whole number and the fractional share shall be eliminated.
The exercise price and the number of Common Shares issuable under any outstanding common share purchase warrants, stock options and any other similar securities, will be proportionately adjusted upon the implementation of the Consolidation, in accordance with the terms of such securities, based on the Consolidation Ratio.
About Pacific Ridge
Pacific Ridge is one of North America's leading copper exploration companies. We own or control eight copper projects in premier copper mining districts located in America and Canada.
On behalf of the Board of Directors,