Pacton Closes Flow-Through Financing and Final Tranche of Financing for $3.67M, Raising a Total of $6.61M
Vancouver, British Columbia, July 9, 2020 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton”) is pleased to announce that it has raised a total of $6,617,838 following the close of the final tranche of its non flow-through financing and the close of its $0.79 flow-through financing.
The Company has closed the final tranche of the non flow-through financing by the issuance of 2,856,226 common shares (the “NFT Shares”) at a price of $0.70 per NFT Share for total gross proceeds of $1,999,358. Proceeds of the non flow-through placement will be used for exploration activities on the Company’s mineral properties and for general working capital.
The Company has also closed its flow-through private placement whereby the Company has issued 2,122,000 flow-through common shares (the “FT Shares”) at a price of $0.79 per FT Share for total proceeds of $1,676,380. 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).
For its efforts in finding certain placees, the Company paid $68,549.90 and issued 97,928 share purchase warrants to various finders. Each warrant is exercisable into one common share for one year from date of issue at a price of $1.00 per share.
All securities issued under the placements will be subject to a four month and one day hold period from the date of issue in accordance with applicable securities laws.
About Pacton Gold
Pacton Gold is a Canadian exploration company with key strategic partners focused on the exploration and development of high-grade conglomerate and orogenic gold properties located in the district-scale Pilbara gold rush in Western Australia and the Red Lake District, Ontario.
On Behalf of the Board of Pacton Gold Inc.
R. Dale Ginn
For more information, please contact 1-(855)-584-0258 or [email protected].
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.
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.