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Pacific Ridge Exploration ( (TSE:PEX) ) has issued an update.
Pacific Ridge Exploration Ltd. has announced a brokered private placement agreement with Red Cloud Securities Inc. to raise up to C$4 million. The funds will be used for continued drilling at the RDP and Kliyul copper-gold projects in British Columbia, as well as for general corporate purposes. This move is expected to enhance the company’s exploration capabilities and strengthen its position in the mining industry.
Spark’s Take on TSE:PEX Stock
According to Spark, TipRanks’ AI Analyst, TSE:PEX is a Underperform.
Pacific Ridge Exploration faces significant financial challenges with persistent net losses and negative cash flow. The technical analysis shows a bearish trend, compounding the company’s valuation concerns. While the recent capital raise is a positive step, it does not offset the broader financial and operational difficulties, resulting in a low overall stock score.
To see Spark’s full report on TSE:PEX stock, click here.
More about Pacific Ridge Exploration
Pacific Ridge Exploration Ltd. operates in the mining industry, focusing on the exploration and development of mineral properties. The company primarily targets copper and gold projects, with a significant presence in British Columbia, Canada.
Average Trading Volume: 85,777
Technical Sentiment Signal: Sell
Current Market Cap: C$9.21M
See more insights into PEX stock on TipRanks’ Stock Analysis page.