Pan American Energy Awarded Up To $200,000 From Ontario Junior Exploration Program Grant Under the Critical Minerals Stream for The Big Mack Lithium Project
Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) has been awarded a grant of up to $200,000 under the Ontario Junior Exploration Program (OJEP) from the Government of Ontario. The grant will cover 50% of eligible exploration costs at the Big Mack Lithium Project. The company was selected under OJEP's critical minerals stream, which focuses on promoting exploration of critical mineral projects in Ontario.
Additionally, Pan American has completed a debt settlement with Ocean Wall (OWL) for C$30,000 through the issuance of 600,000 common shares at a deemed price of C$0.05 per share. The shares are subject to a four-month hold period. This transaction may be considered a "related party transaction" as Nicky Grant, a director of Pan American, is the Head of Corporate Advisory for OWL.
Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) ha sido otorgada una subvención de hasta 200,000 dólares bajo el Programa de Exploración Junior de Ontario (OJEP) del Gobierno de Ontario. La subvención cubrirá el 50% de los costos de exploración elegibles en el Proyecto de Litio Big Mack. La compañía fue seleccionada bajo la corriente de minerales críticos del OJEP, que se enfoca en promover la exploración de proyectos de minerales críticos en Ontario.
Además, Pan American ha completado un acuerdo de deuda con Ocean Wall (OWL) por 30,000 C$ mediante la emisión de 600,000 acciones comunes a un precio considerado de 0.05 C$ por acción. Las acciones están sujetas a un período de retención de cuatro meses. Esta transacción puede considerarse una "transacción con partes relacionadas" ya que Nicky Grant, un director de Pan American, es el Jefe de Asesoría Corporativa de OWL.
Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60)는 온타리오 정부의 온타리오 주니어 탐사 프로그램(OJEP)에서 최대 200,000달러의 보조금을 받았습니다. 이 보조금은 Big Mack 리튬 프로젝트에서 적격 탐사 비용의 50%을 부담합니다. 회사는 온타리오에서 주요 광물 프로젝트 탐사를 촉진하는 데 중점을 둔 OJEP의 주요 광물 스트림에서 선정되었습니다.
추가로, Pan American은 Ocean Wall(OWL)과 부채 정산을 완료했습니다 C$30,000 규모로 0.05 C$의 가격으로 600,000주를 발행하였습니다. 주식은 4개월의 보유 기간이 적용됩니다. Nicky Grant가 Pan American의 이사이며 OWL의 기업 자문 책임자이기 때문에 이 거래는 "관련 당사자 거래"로 간주될 수 있습니다.
Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) a reçu un subside pouvant aller jusqu'à 200 000 Dollars dans le cadre du Programme Ontario Junior Exploration (OJEP) du gouvernement de l'Ontario. Le subside couvrira 50 % des coûts d'exploration éligibles du Big Mack Lithium Project. La société a été sélectionnée dans le cadre du filon des minéraux critiques de l'OJEP, qui se concentre sur la promotion de l'exploration de projets miniers critiques en Ontario.
De plus, Pan American a achevé un règlement de dette avec Ocean Wall (OWL) pour 30 000 C$ par l'émission de 600 000 actions ordinaires à un prix réputé de 0,05 C$ par action. Les actions sont soumises à une période de blocage de quatre mois. Cette transaction peut être considérée comme une "transaction entre parties liées" car Nicky Grant, directeur de Pan American, est le responsable du conseil d'administration d'OWL.
Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) hat einen Zuschuss von bis zu 200.000 Dollar im Rahmen des Ontario Junior Exploration Program (OJEP) von der Regierung von Ontario erhalten. Der Zuschuss deckt 50% der förderfähigen Explorationskosten beim Big Mack Lithium Project ab. Das Unternehmen wurde im Rahmen des OJEP-Streams für kritische Mineralien ausgewählt, der sich auf die Förderung der Erkundung von kritischen Mineralprojekten in Ontario konzentriert.
Darüber hinaus hat Pan American eine Schuldenregelung mit Ocean Wall (OWL) über 30.000 C$ durch die Ausgabe von 600.000 Stammaktien zu einem angenommenen Preis von 0,05 C$ pro Aktie abgeschlossen. Die Aktien unterliegen einer viermonatigen Sperrfrist. Diese Transaktion kann als "Transaktion mit nahestehenden Personen" betrachtet werden, da Nicky Grant, ein Direktor von Pan American, der Leiter der Unternehmensberatung für OWL ist.
- Awarded up to $200,000 non-dilutive grant from OJEP for exploration costs
- Grant covers 50% of eligible exploration expenses at Big Mack Lithium Project
- Settled C$30,000 debt through issuance of shares, preserving cash
- Potential conflict of interest in debt settlement due to related party transaction
The non-dilutive funds will directly support exploration initiatives at the Big Mack Lithium Project
Also Announces Completion of Debt Settlement
CALGARY, Alberta, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) ("Pan American” or the "Company") is pleased to announce the Company has been awarded a grant of up to
Pursuant to the OJEP grant, Pan American will receive up to
“We are thrilled to receive this non-dilutive funding from the Ontario government,” said Paul Gorman, CEO of Pan American. “OJEP is a highly competitive program and accessing up to
To support junior mining companies, Ontario is investing
More information about the Ontario Junior Exploration Program can be found at https://www.ontario.ca/page/ontario-junior-exploration-program.
The Company also announces, further to its news release dated September 10, 2024, that it has completed the settlement of outstanding debt owed to Ocean Wall Limited (“OWL”) in an amount of C
Nicky Grant, a director of the Company, is the Head of Corporate Advisory for OWL. As a result, the debt settlement may be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements found in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transaction is not more than
About Pan American Energy Corp.
Pan American Energy Corp. (CSE: PNRG) (OTCQB: PAANF) (FSE: SS60) is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.
The Company has executed an option agreement in Canada with Magabra Resources pursuant to which it has acquired a
To register for investor updates, please visit https://panam-energy.com.
On Behalf of the Board of Directors
Paul Gorman
CEO
Contact
Phone : (587) 885-5970
Email: info@panam-energy.com
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the receipt of the OJEP grant by the Company, including the amount of grant funding ultimately received by the Company, if any.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, the assumption that the Company will be able to satisfy the conditions to receiving the OJEP grant.
Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among other things, the risk that the Company does not undertake exploration at the Project which qualifies for OJEP grant funding or is otherwise unable to satisfy the other terms and conditions of the grant funding. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the contents of this press release.
FAQ
What grant did Pan American Energy (PAANF) receive for its Big Mack Lithium Project?
How much of the exploration costs will the OJEP grant cover for Pan American Energy (PAANF)?
How did Pan American Energy (PAANF) settle its debt with Ocean Wall ?
What is the hold period for the shares issued in Pan American Energy's (PAANF) debt settlement?
