HEIDELBERG, Germany, Sept. 22, 2022 (GLOBE NEWSWIRE) -- DELPHI Unternehmensberatung Aktiengesellschaft (“DELPHI”) has acquired 1,000,000 units (“Units”) of Pacific Ridge Exploration Ltd. (TSX-V: PEX) (“Issuer”) at a price of $0.23 per Unit, with each Unit comprised of one common share (“Common Share") 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, for a total consideration of $230,000.
Prior to the acquisition DELPHI held 7,070,000 Common Shares and 4,000,000 Warrants. The 7,070,000 Common Shares represented approximately 8.7% of the issued and outstanding Shares of the Issuer. The 7,070,000 Common Shares and the 4,000,000 Warrants collectively represented approximately 13.0% of the issued and outstanding Shares of the Issuer, assuming exercise of the Warrants.
Following to the acquisition DELPHI now holds 8,070,000 Common Shares and 4,500,000 Warrants. The 8,070,000 Common Shares represent approximately 9.5% of the issued and outstanding Shares of the Issuer. The 8,070,000 Common Shares and the 4,500,000 Warrants collectively represent approximately 14.1% of the issued and outstanding Shares of the Issuer, assuming exercise of the Warrants.
The acquisition of Units of the Issuer was made for investment purposes. DELPHI may increase or reduce its investment in the Company according to market conditions or other relevant factors.
DELPHI was incorporated in Germany. DELPHI’s principal business is to invest its own funds.
For further details relating to the Transaction, please see the Report, which was filed in accordance with applicable securities laws, a copy of which is available under the Company’s profile on the SEDAR website at www.sedar.com, or may be obtained from DELPHI Unternehmensberatung Aktiengesellschaft, Wilhelm K. T. Zours (CEO / Member of the Board), +49 6221 649240, firstname.lastname@example.org.