Pacton Clarifies Number of Shares to be Issued to Chesterfield

Rhea-AI Summary

Pacton Gold Inc. has clarified the number of shares to be issued to Chesterfield Resources PLC in a recent purchase agreement. Instead of the previously stated 54,482,310 Shares, approximately 12,700,000 Shares will be issued, representing 19.99% of the total issued and outstanding shares upon transaction completion. The company currently has 54,482,310 Shares outstanding. The shares to be issued will be subject to selling restrictions according to the terms outlined in the Purchase Agreement.

Positive

• The clarification of shares issued is lower than previously reported, potentially reducing dilution impacts on current shareholders.
• Chesterfield's restricted selling of shares may support share price stability post-transaction.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 19, 2022 / Pacton Gold Inc. (TSXV:PAC, OTC PINK:PACXF, FSE:2NKN) (the "Company" or "Pacton") advises that, further to its news release of earlier today (the "Earlier News Release") relating to the entry into a purchase agreement (the "Purchase Agreement") with Chesterfield Resources PLC ("Chesterfield") and its wholly owned subsidiary to acquire a 100% interest in the Adeline high-grade copper project, the Company wishes to clarify that the number of common shares of the Company (the "Shares") to be issued to Chesterfield pursuant to the Purchase Agreement is expected to be approximately 12,700,000 Shares (not the 54,482,310 Share figure reported in the Earlier News Release) (the "Consideration Shares"), such that the Chesterfield will hold approximately 19.99% of the total issued and outstanding Shares on completion of the transaction. As at today's date, the Company has 54,482,310 Shares issue and outstanding. Chesterfield's ability to sell the Consideration Shares will be restricted according to certain terms detailed in the Purchase Agreement.

On Behalf of the Board of Pacton Gold Inc.

Nav Dhaliwal
Interim President and CEO

For more information, please contact 1-(855)-584-0258 or info@pactongold.com.

This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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.

SOURCE: Pacton Gold

View source version on accesswire.com:
https://www.accesswire.com/721192/Pacton-Clarifies-Number-of-Shares-to-be-Issued-to-Chesterfield

FAQ

What is the updated number of shares Pacton Gold will issue to Chesterfield?

Pacton Gold will issue approximately 12,700,000 shares to Chesterfield.

What percentage of shares will Chesterfield hold after the transaction?

Chesterfield will hold approximately 19.99% of the total issued and outstanding shares after the transaction.

How many shares does Pacton Gold currently have outstanding?

Pacton Gold currently has 54,482,310 shares outstanding.

Are there any restrictions on the shares issued to Chesterfield?

Yes, the selling of the shares issued to Chesterfield will be restricted according to the Purchase Agreement.