R.E. Gordon Davis

December 22, 2016 18:48 ET

R.E. Gordon Davis Announces Holdings in Pacific Ridge Exploration Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 22, 2016) - R.E. Gordon Davis ("Davis") announces that he currently holds 3,046,616 common shares ("Shares"), 200,000 share purchase warrants ("Warrants") and 315,500 incentive stock options ("Options") of Pacific Ridge Exploration Ltd. ("Pacific Ridge"), representing approximately 9.8% of the outstanding Shares on a non-diluted basis and approximately 11.3% on a partially diluted basis assuming exercise of the Warrants and Options.

On November 18, 2014, Davis acquired 1,000,000 units in a private placement of Pacific Ridge at a price of $0.05 per unit for total consideration of $50,000. Each unit consisted of one Share and one Warrant, with each Warrant exercisable to purchase one Share for $0.06 in the first year and $0.075 in the second year. As a result, Davis then held 2,246,616 Shares, 1,000,000 Warrants and 180,500 Options, representing approximately 9.6% of the then outstanding Shares on a non-diluted basis and approximately 14% on a partially diluted basis assuming exercise of the Warrants and Options. This transaction represented an approximate 3.7% change in Davis' shareholdings on a non-diluted basis and an approximate 7.4% change on a partially diluted basis.

On November 15, 2016, Davis exercised 400,000 Warrants at a price of $0.075 per Share for total consideration of $30,000 and on November 18, 2016 the remaining 600,000 Warrants expired. Davis then held 3,046,616 Shares, 200,000 Warrants and 265,500 Options, representing approximately 9.8% of the outstanding Shares on a non-diluted basis and approximately 11.2% on a partially diluted basis assuming exercise of the Warrants and Options. This transaction represented an approximate 0.2% change in Davis' shareholdings on a non-diluted basis and an approximate 2.8% change on a partially diluted basis (since the last transaction which triggered the requirement to file an early warning report, being the acquisition of 1,000,000 units on November 18, 2014).

Davis acquired the securities of Pacific Ridge for investment purposes and may, from time to time, reconsider his holdings and, as circumstances dictate, may increase or decrease his position in Pacific Ridge. A copy of Davis' early warning report will be filed on Pacific Ridge's SEDAR profile at www.sedar.com and may also be obtained by contacting Davis at (778) 960-5550.

Contact Information

  • R.E. Gordon Davis
    5555 Newton Wynd
    Vancouver, BC V6T 1H6