Pancon Announces Private Placement to Raise up to $1,000,000
301 – 260 W. Esplanade North Vancouver, BC V7M 3G7
Tel: 604-986-2020 Fax: 604-986-2021 Toll Free: 1-866-816-0118 www.panconu.com
PANCON ANNOUNCES PRIVATE PLACEMENT TO RAISE UP TO $1,000,000
NOT FOR DISSEMINATION INTO THE USA
Vancouver, B.C., April 5, 2013. Pancontinental Uranium Corporation (TSX-V: PUC) (“Pancon” or the “Company”) is pleased to announce that the Company is arranging a non-brokered private placement of up to 11,111,111 units at a price of $0.09 per unit for gross proceeds of up to $1,000,000 Cdn.
Each unit will be comprised of one common share (a “Common Share”) in the capital of the Company and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”) of the Company. Each Warrant is exercisable to purchase one Common Share at a price of $0.15 per Common Share for a period of eighteen months following the closing of the Offering provided that if, at any time after the date that is more than four months and one day following the closing of the Offering, the Common Shares trade on a stock exchange at a volume weighted average trading price of $0.30, or greater, per Common Share for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof. In such case, the Warrants will expire on the 30th day after the date on which such notice is given by the Company. The funds raised will fund exploration activities and general working capital.
The Company may close the private placement in tranches and the Company may pay certain finder's fees with respect to gross proceeds raised. The private placement and payment of any finder's fees are subject to acceptance by the TSX Venture Exchange.
About Pancontinental Uranium Corporation
Pancontinental Uranium Corporation (“Pancon”) is a Canadian-based company focused on uranium and REE discovery and development. Through a joint venture with Crossland Uranium Mines Limited (“Crossland”) of Australia, this management and operating team has unparalleled experience from exploration, through development to operations, and includes people who were instrumental in the discovery of two of the largest uranium deposits in the world. Pancon and Crossland hold an impressive REE and uranium exploration portfolio with projects in prolific, mining friendly districts.
Exploration is ongoing or has occurred at three Australian projects which include Charley Creek, Chilling, and Kalabity. Charley Creek has the potential for large alluvial REE deposits, and large, lower-grade, Rossing-type, granite-hosted uranium deposits. The Chilling project has the potential to host a mirror image of a portion of the renowned Alligator Rivers Uranium Field containing the large Jabiluka, Ranger and Koongarra deposits The Kalabity project is in a district of historic uranium/radium mining that contains a variety of known uranium deposit styles.
Pancon has a 45% participating interest in this significant REE and uranium project portfolio. Pancon and Crossland are also pursuing exploration beyond Australia through an international subsidiary company, Crosscontinental Uranium Limited, and plans include formulating an exploration program in Burkina Faso.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark
President & CEO
For further information, please contact:
Rick Mark President and CEO
604-986-2020 or 1-866-816-0118
For additional information, please visit our website at www.PanconU.com.
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.
Cautionary Language and Forward Looking Statements
This press release may contain “forward-looking statements”, which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure documents filed from time to time with the Canadian securities authorities.