Pancon Announces Shareholder Approval of Share Consolidation and Name Change to Carolina Rush Corporation
Pancon Announces Shareholder Approval of
Share Consolidation and Name Change to
Carolina Rush Corporation
Toronto, Ontario--(Newsfile Corp. - February 2, 2023) - Pancontinental Resources Corporation (TSXV:
PUC) (OTCQB: PUCCF) ("Pancon" or the "Company") announces that, at its special meeting of its
shareholders held on February 2, 2023 (the "
Meeting
"), Pancon's shareholders overwhelmingly
approved the Company's proposals to:
(i) consolidate the issued and outstanding common shares (the
"
Common Shares
") of the Company on the basis of one (1) post-Consolidation Common Share for
every ten (10) pre-Consolidation Common Share (the "
Consolidation
"); and (ii) to change the name of
the Company to Carolina Rush Corporation (the "
Name Change
"). At the Meeting, and based on
proxies received prior to the Meeting, 97.63% of the votes cast were in favour of the Consolidation and
99.61% of the votes cast were for the Name Change.
Layton Croft, President and CEO stated: "We sincerely thank all existing shareholders for your trust. The
result of today's special meeting of shareholders positively advanced our Carolina Rush vision to being
the leading explorer in the Southeastern USA. Our exploration portfolio now includes three past-
producing gold mines in the very heart of where the first gold rush in all of North America occurred 225
years ago. We are focused now on raising new capital to resume exploring our exciting flagship Brewer
Gold & Copper Project in South Carolina, and to begin exploring the promising Sawyer Gold Trend in
North Carolina."
The Company will now seek approval of the TSX Venture Exchange ("
TSXV
") for the Name Change and
Consolidation and will also apply for a ticker symbol change to "RUSH." The Company expects that its
Common Shares will begin trading under the new name and ticker symbol on the TSXV on a post-
Consolidated basis on or about March 1, 2023, pending TSX Venture approval.
It is expected that the Consolidation will reduce the number of outstanding Common Shares from the
current issued and outstanding 274,262,290 Common Shares to approximately 27,426,229 post-
Consolidation Common Shares on a non-diluted basis. If the Consolidation would otherwise result in a
shareholder holding a fraction of a Common Share, no fraction or fractional certificate will be issued and
the shareholder will not receive a whole Common Share for each such fraction held. The number
outstanding and exercise price of all of the Company's currently outstanding convertible securities,
including warrants, compensation options and stock options will also be adjusted to give effect to the
Consolidation.
About Pancon
Pancontinental Resources Corporation (TSXV: PUC) (OTCQB: PUCCF), or Pancon, is exploring the
Carolina Terrane in the southeastern USA. Its flagship project is the past-producing Brewer Gold Mine,
located in Chesterfield County, South Carolina, 12 kilometers along trend from the producing Haile Gold
Mine. Pancon's 100%-owned, 673 hectare Jefferson Gold Project is continuous with and mostly
surrounds the 389 hectare Brewer property. In January 2023, the Company signed exclusive mineral
exploration lease and purchase option agreements for both the 246.6 hectare New Sawyer Gold Mine
Property and the 54.6 hectare Sawyer Gold Mine Property, both located on the Sawyer Gold Trend and
in Randolph County, North Carolina.
For further information, please contact:
Jeanny So, External Relations Manager
E:
T: +1.647.202.0994
For additional information please visit our new website at
http://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/153356