Pacton Gold Closes Final Tranche of Financing

Rhea-AI Summary

Pacton Gold Inc. (OTC:PACXF) announced the closure of the final tranche of its private placement on April 6, 2022. The company issued 250,000 flow-through common shares at $0.36 each, raising $90,000, and 4,580,000 non flow-through common shares at $0.30 each, totaling $1,374,000. Proceeds from the flow-through shares will support Canadian exploration expenses, while those from non flow-through shares will be allocated to general working capital. The offering included a finder's fee of $5,400 in cash and 33,000 warrants for additional financing. All securities are subject to a hold period until August 7, 2022.

Positive

• Raised total gross proceeds of $1,464,000 from the private placement.
• Funds from flow-through shares designated for Canadian exploration, enhancing exploration potential.
• Strategic positioning in high-grade gold properties in the Red Lake gold rush.

Negative

• None.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / April 6, 2022 / Pacton Gold Inc. (TSXV:PAC), (OTC:PACXF), (FSE:2NKN) (the "Company" or "Pacton") is pleased to announce that further to its news releases of March 11, 2022 and April 4, 2022, it has closed the final tranche of its private placement. The Company issued 250,000 flow-through common shares (each a "FT Share") at $0.36 per FT Share for total proceeds of $90,000 and 4,580,000 non flow-through common shares (each a "NFT Share") at $0.30 per NFT Share for total gross proceeds of $1,374,000.

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). The proceeds for the issuance of the NFT Shares will be used for general working capital.

The Company paid $5,400 in cash and issued 33,000 share purchase warrants to a finder for its efforts in finding certain placees. Each finder's warrant is exercisable into one common share of the Company at a price of $0.40 per share for a period of two years from date of issue.

All securities issued under the private placement will be subject to statutory hold periods expiring on August 7, 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

View source version on accesswire.com:
https://www.accesswire.com/696394/Pacton-Gold-Closes-Final-Tranche-of-Financing

FAQ

What was Pacton Gold's total fundraised amount from the private placement?

Pacton Gold raised a total of $1,464,000 from the private placement.

How many flow-through and non flow-through shares did Pacton Gold issue?

Pacton Gold issued 250,000 flow-through shares and 4,580,000 non flow-through shares.

When will the securities from the private placement be released from the hold period?

The securities will be released from the hold period on August 7, 2022.

What will the proceeds from the flow-through shares be used for?

The proceeds from the flow-through shares will be used for Canadian exploration expenses.

What is the ticker symbol for Pacton Gold on OTC markets?

The ticker symbol for Pacton Gold on OTC markets is PACXF.