Pacton Gold Closes Final Tranche of Financing
(TheNewswire)
Vancouver, British Columbia – TheNewswire - January 17, 2020 – Pacton Gold Inc. (TSXV:PAC) (OTC:PACXF) (FSE:2NKN) (the “Company” or “Pacton”) is pleased to announce that it has closed the final tranche of its financing, by the issuance of 6,686,667 units (the “Units”) at a price of $0.12 per Unit for total gross proceeds of $802,400. Each Unit consists of one common share and one transferrable share purchase warrant, each warrant exercisable into one additional common share for a period of two years from closing at a price of $0.18 per share.
In total (tranche one and tranche two), the Company issued 31,737,584 flow-through common shares (the “FT Shares”) at a price of $0.13 per FT Share for total gross proceeds of $4,125,886 and 13,227,333 Units at $0.12 per Unit for total gross proceeds of $1,587,280.
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 Units will be used for general working capital.
For its efforts in finding certain placees, the Company made cash payments totaling $19,504.80 and issued a total of 162,540 share purchase warrants to the finders. Each warrant is exercisable into one common share at a price of $0.18 per share for a period of two years from closing.
All securities issued under the placements will be subject to a four month hold period from the date of issue in accordance with applicable securities laws. The placement is subject to final acceptance of the TSX V.
On Behalf of the Board of Pacton Gold Inc.
For more information, please contact 1-(855)-584-0258 or info@pactongold.com.
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.
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