Pancon Announces Debt Settlement
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PANCON ANNOUNCES DEBT SETTLEMENT
Toronto, Ontario, July 30, 2020: Pancontinental Resources Corporation (TSXV: PUC) (“ Pancon” or the
“Company”) reports that it has agreed to settle an aggregate of CAD$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 remains subject to the 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 will be issued an
aggregate of 417,500 Common Shares. The Company is relying on exemptions from the formal valuation and minority
approval 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 not less than 21 days before
the closing date of the Debt Settlement. This shorter period was reasonable and necessary in the circumstances, as it
was necessary for the Company to
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 sulph idation 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 Je fferson
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
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,
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Toronto, Ontario
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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.