Pancon Announces Completion Debt Settlement
Pancon Announces Completion Debt
Settlement
Toronto, Ontario--(Newsfile Corp. - October 9, 2020) -
Pancontinental Resources Corporation (TSXV:
PUC) ("
Pancon
" or the "
Company
") announces that further to its July 30, 2020 press release, it has
settled an aggregate of CDN$33,400 of indebtedness owed to a non-arm's length creditor through the
issuance of 417,500 common shares in the capital of the Company (the "
Common Shares
") at a price
of $0.08 per Common Share (the "
Debt Settlement
"). All Common Shares issued in connection with
the Debt Settlement are subject to a statutory hold period of four months and a day from the date of
issuance in accordance with applicable securities laws.
The Debt Settlement was approved by disinterested shareholders of the Company at its annual and
special meeting of its shareholders held on September 30, 2020.
The Debt Settlement has received
final approval of the TSX Venture Exchange.
The Debt Settlement constituted a "related party transaction" as defined in Multilateral Instrument 61-101
-
Protection of Minority Securityholders in Special Transactions
("
MI 61-101
"), as an insider of the
Company received an aggregate of
417,500 Common Shares. The Company is relying the exemption
from the formal valuation requirements of MI 61-101, based on the fact that the fair market value of the
transaction does not exceed 25% of the market capitalization of the Company. A material change report
will be filed less than 21 days before the closing date of the Debt Settlement. Management believes that
this shorter period is reasonable and necessary in the circumstances, to allow the Company to complete
the Debt Settlement to improve its financial position.
About Pancon
Pancon is a Canadian junior mining company focused on exploring the prolific and underexplored
Carolina Slate Belt in South Carolina, USA. In January 2020, Pancon won the exclusive right to explore
the former Brewer Gold Mine. Between 1987-1995, Brewer produced 178,000 ounces of oxide gold
from open pits that extended to 50-metre depths, where copper and gold-rich sulfides were exposed but
could not be processed by the oxide heap leach processing facility. Brewer is a high sulphidation system
driven by a sub-volcanic intrusive and possibly containing a large copper-gold porphyry system at depth,
as indicated by: widely known prospective geology, including diatreme breccias; associated high
sulphidation alteration; gold and copper mineralization; and geophysics (Schmidt, R.G., 1978, The
Potential for Porphyry Copper-Molybdenum Deposits in the Eastern United States, U.S. Geological
Survey). Pancon's 100%-owned Jefferson Gold Project surrounds the former Brewer Gold Mine, and
both Jefferson and Brewer are located 12 km along trend northeast from the producing Haile Gold Mine,
which produced 131,819 ounces of gold in 2018. In addition, Pancon has four nickel-copper-cobalt
exploration projects in Northern Ontario, surrounding or near producing or former mines in proven and
safe mining districts.
For further information, please contact:
Layton Croft, President & CEO or Jeanny So, Manager, External Relations
E:
T: +1.647.202.0994
For additional information please visit our new website at
www.panconresources.com
and our Twitter
feed:
@PanconResources
.
Neither 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.
This news release contains forward-looking information which is not comprised of historical facts.
Forward-looking information is characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate" and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other
factors that could cause actual events, results, and opportunities to differ materially from those
expressed or implied by such forward-looking information. Factors that could cause actual results to
differ materially from such forward-looking information include, but are not limited to, changes in the
state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required
regulatory or governmental approvals, and other risks involved in the mineral exploration and
development industry, including those risks set out in the Company's management's discussion and
analysis as filed under the Company's profile at
www.sedar.com
. Forward-looking information in this
news release is based on the opinions and assumptions of management considered reasonable as of
the date hereof, including that all necessary governmental and regulatory approvals will be received
as and when expected. Although the Company believes that the assumptions and factors used in
preparing the forward-looking information in this news release are reasonable, undue reliance should
not be placed on such information. The Company disclaims any intention or obligation to update or
revise any forward-looking information, other than as required by applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/65621