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Pacton Gold Closes Additional $2.8 Million of Oversubscribed Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

Vancouver, British Columbia, July 3, 2019 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton”) is pleased to announce that, further to its news release of June 7, 2019, it has closed the final tranche of its financing.  In total, the Company sold 35,400,000 common shares at a price of $0.10 per share and 166,667 common shares at a price of $0.12 per share for total gross proceeds of $3,560,000 and 16,590,847 flow-through common shares (the “FT Shares”) at a price of $0.12 per FT Share for total gross proceeds of $1,990,901.

The gross proceeds from the issuance of the FT Shares will be used for Canadian Exploration Expenses and will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada).  The proceeds from the issuance of NFT Shares will be used for general working capital.

Dale Ginn, Executive Chairman of Pacton, commented, “We are pleased to have completed this final tranche of the financing. Pacton has a very strong portfolio of gold projects in Canada and Western Australia and has a comprehensive exploration program underway. We are particularly excited about the prospects for our Red Lake gold project and Pilbara gold projects and we look forward to sharing results as they come in.”

For its efforts in finding certain placees, the Company paid a total of $111,048 in finders’ fees and issued share purchase warrants to the finders authorizing the purchase of 205,500 common shares at a price of $0.15 per common share for a period of two years from the date of issue and share purchase warrants authorizing the purchase of 472,500 common shares at a price of $0.20 per common share for a period of one year from the date of issue.

All securities issued under the placements are subject to a four month hold period from the date of issue in accordance with applicable securities laws.

Certain directors and officers of the Company are participating in the private placement. Participation of insiders of the Company in the private placement constitutes a related-party transaction as defined under Multilateral Instrument 61-101. Because the Company’s shares trade only on the TSXV, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(b) of MI 61-101.

On Behalf of the Board of Pacton Gold Inc.

R. Dale Ginn
Executive Chairman

For more information, please contact 1-(855)-584-0258 or [email protected].

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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.

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