Pacific Ridge Exploration (PEX.V) has advised the market it is increasing the size of its diamond drill program on the Kliyul copper-gold project in British Columbia. The drill program was originally anticipated to be 6,000 meters, but PEX is expanding the program to 6,800 meters in an attempt to drill as many meters as possible before the winter sets in.

To keep the treasury at a healthy level, the company also announced a C$550,000 financing which was later upsized to C$780,000. Delphi Unternehmensberatung intends to acquire 1 million units while Crescat Capital will subscribe for just under 2.4 million units. This means the entire financing is taken up by the company’s two largest shareholders. Each unit consists of one common share and half a warrant with each full warrant allowing the warrant holder to acquire an additional share at C$0.35 during a two year period.

Disclosure: The author has a long position in Pacific Ridge Exploration. Pacific Ridge is a sponsor of the website. Please read our disclaimer.

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