Pancontinental Gold Announces Closing of Second Tranche of Private Placement of Units
Pancontinental Gold Announces Closing of Second
Tranche of Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - December 15, 2017) - Pancontinental Gold Corporation (TSXV: PUC) ("
Pancon Gold
" or
the "
Company
") announces that it has closed the second and final tranche of its previously announced non-brokered private
placement through the issuance of 830,000 units ("
Units
") at a price of $0.05 per Unit for gross proceeds of $41,500 (the
"
Offering
"). The aggregate gross proceeds raised pursuant to the Offering was $191,500 through the issuance of 3,830,000
Units.
Each Unit is comprised of one common share ("
Common Share
") of the Company and one Common Share purchase
warrant ("
Warrant
"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.07 for
twenty-four (24) months from the date of issuance, provided that the expiry date can be accelerated in the event the Common
Shares trade at $0.15 or more for at least twenty (20) consecutive trading days following the expiry of the statutory four month
and one day resale restriction. Proceeds of the Offering will be used to explore and advance its 100% owned Jefferson Gold
Project and for working capital purposes.
In connection with the completion of the second tranche of the Offering, the Company paid a cash commission of $455, equal to
7% of the gross proceeds raised from subscribers introduced to the Company by a finder.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX
Venture Exchange.
All securities issued in connection with the Offering will be subject to a hold period of four months plus a day
from the date of issuance and the resale rules of applicable securities legislation.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not
be registered under the United States Securities Act of 1933, as amended (the "
U.S. Securities Act
"), or the securities laws of
any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S.
Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption
from such registration requirements.
About Pancontinental Gold Corporation
Pancontinental Gold Corporation (
www.pancongold.com
) is a Canadian-based mining company focused on the exploration and
development of the Jefferson Gold Project, located in Chesterfield County, South Carolina, USA, and on acquiring additional
prospective properties. The Company's shares are listed on the TSX Venture Exchange, trading under the symbol PUC. The
Company also retains a 1% gross overriding royalty on future production from a rare earth element property in Australia.
ON BEHALF OF THE BOARD OF DIRECTORS
Layton Croft
For further information, please contact:
Layton Croft
President and CEO
Tel: 1-416-293-8437 or 1-980-498-7688
Email:
For additional information please visit our web site:
www.
pancongold
.com
, and our Twitter feed: @PanconGold.
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 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.