Pacton Closes $2m Flow-Through Financing

Rhea-AI Summary

Pacton Gold Inc. (PACXF) has successfully completed a private placement of 3,718,180 flow-through shares at a price of $0.55 per share, raising total gross proceeds of $2,044,999. The funds will be allocated for Canadian Exploration Expenses, qualifying as flow-through mining expenditures under the Income Tax Act (Canada). All securities from this placement will be subject to a statutory hold period until March 26, 2022. Pacton is focused on exploring high-grade gold properties in Ontario's Red Lake region and holds projects in Western Australia's Pilbara region.

Positive

• Raised $2,044,999 through private placement.
• Funds designated for Canadian Exploration Expenses, enhancing exploration potential.
• Flow-through shares offer tax benefits to investors.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 25, 2021 / Pacton Gold Inc. (TSXV:PAC)(OTC PINK:PACXF)(FSE:2NKN) (the "Company" or "Pacton") is pleased to announce that it has closed a private placement of 3,718,180 flow-through shares (each a "FT Share") at $0.55 per FT Share for total gross proceeds of $2,044,999.

The gross proceeds from the issuance of the FT Shares will be used for Canadian Exploration Expenses and will qualify as "flow-through mining expenditures", as defined in subsection 127(9) of the Income Tax Act (Canada).

All securities issued under the private placement will be subject to a statutory hold period expiring on March 26, 2022.

About Pacton Gold

Pacton Gold is a Canadian exploration company with key strategic partners focused on the exploration and development of high-grade gold properties located in the Red Lake gold rush in Ontario, Canada. The Company also owns a strategic portfolio of prospective projects in the district-scale Pilbara gold rush in Western Australia.

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 Inc.

View source version on accesswire.com:
https://www.accesswire.com/674727/Pacton-Closes-2m-Flow-Through-Financing

FAQ

What was the total amount raised in Pacton Gold's private placement?

Pacton Gold raised a total of $2,044,999 in its private placement.

What is the price per flow-through share in Pacton Gold's recent financing?

The price per flow-through share was $0.55.

What will the funds from the private placement be used for?

The funds will be used for Canadian Exploration Expenses.

When does the hold period for the newly issued securities expire?

The hold period for the newly issued securities expires on March 26, 2022.

In which regions is Pacton Gold focusing its exploration efforts?

Pacton Gold is focusing on high-grade gold properties in Ontario's Red Lake region and has projects in Western Australia's Pilbara region.