Pacific Ridge Retains Public Relations Consultant and Grants Incentive Stock Options
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/06/11 -- Pacific Ridge Exploration Ltd. (TSX VENTURE: PEX) (the 'Company') reported that it has entered into a consulting agreement to retain G2 Consultants Corp. of Vancouver, B.C., to provide financial public relations services. G2 Consultants will assist the Company in expanding its profile and conveying the Company's key messages to the investment community beyond the Company's existing investor base.
The consulting agreement has a twelve month term commencing on November 15, 2010 and expiring on November 14, 2011, subject to earlier termination upon 30 days notice. G2 Consultants will be paid $5,000 per month for the first four months, $7,000 per month for the following four months, and $8,000 per month for the remaining four months of the term, plus approved expenses for selected services. Barry D. Russell, principal of G2 Consultants Corp., and the Company are at arm's length. The agreement with G2 Consultants Corp. is subject to acceptance for filing by the TSX Venture Exchange.
Based in Vancouver, B.C., G2 Consultants is a full-service consulting firm that assists public companies in achieving their marketplace objectives. G2 Consultants provides its clients with a comprehensive suite of services, including: strategic consulting, corporate communications, administration, creative and design services.
The Company granted 250,000 incentive stock options to G2 Consultants Corp. at an exercise price of $0.30 per share exercisable until January 6, 2016, subject to the terms and conditions of the Company's stock option plan. These options vest as to 25% after three months, 25% after six months, 25% after nine months and 25% after twelve months.
The Company also granted incentive stock options under its 10% rolling stock option plan to directors, officers, employees and consultants, to purchase a total of 830,000 common shares at $0.30 per share exercisable until January 6, 2016. The incentive stock options vest as to 50% on the date of grant and 50% in one year, subject to the terms and conditions of the Company's stock option plan.
The options are subject to acceptance for filing by the TSX Venture Exchange.
On behalf of the Board of Directors,
John S. Brock, President
Pacific Ridge Exploration Ltd.
Forward-Looking Information
This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address exploration drilling and other activities and events or developments that Pacific Ridge Exploration Ltd. ('Pacific Ridge') expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the placements and future exploration plans and expenditures. Although Pacific Ridge believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of Pacific Ridge and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Pacific Ridge's proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Pacific Ridge Exploration Ltd. - Corporate Information
John S. Brock
President and CEO
(604) 687-4951
(604) 688-4670 (FAX)
www.pacificridgeexploration.com
G2 Consultants
Investor Relations Inquiries
(604) 742-9990 or Toll Free: 1 866 742-9990
info@g2consultants.com