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Pancon Announces Brokered Private Placement of up to C$3.0 Million
Toronto, Ontario--(Newsfile Corp. - March 28, 2022) - Pancontinental Resources Corporation (TS...
About this update from Carolina Rush Corporation
[{"type":"text","content":"Pancon Announces Brokered Private Placement of up to C$3.0 MillionToronto, Ontario--(Newsfile Corp. - March 28, 2022) - Pancontinental Resources Corporation (TSXV: PUC) (OTCQB: PUCCF) (\"Pancon\" or the \"Company\") has entered into an engagement agreement (the \"Engagement Agreement\") with Red Cloud Securities Inc. and Paradigm Capital Inc. ( the \"Agents\") pursuant to which Agents will act as co-lead agents and joint bookrunners to sell up to 37,500,000 units of the Company (the \"Units\") at a price of C$0.08 per Unit (the \"Unit Price\") for gross proceeds to the Company of up to C$3,000,000 (the \"Offering\"). Pancon President & CEO, Layton Croft, stated: \"Our recently announced no-cost extension to our option to explore our flagship Brewer Gold & Copper Project through December 31, 2024 enhances our potential for success. This financing will fund new phases of geophysics and drilling, which will commence immediately and will be designed to accelerate negotiation of a potential purchase of Brewer from the Receiver.\"Each Unit shall consist of one common share of the Company (each, a \"Unit Share\") and one common share purchase warrant of the Company (each, a \"Warrant\"). Each Warrant shall entitle the holder thereof to purchase one common share of the Company (each, a \"Warrant Share\") at an exercise price of C$0.14 per Warrant Share at any time on or before the date which is 24 months after the Closing Date (as defined herein). In the event that the daily volume weighted average price (or closing bid price on days when there are no trades) of the common shares of the Company on the TSX Venture Exchange (the \"TSXV\") is at least C$0.25 per common share for a minimum of twenty (20) consecutive trading days, the Company may provide written notice to holders of the Warrants requiring the holder of the Warrants to exercise the Warrants within twenty (20) days following the date of delivery of such written notice. The Company also grants the Agents an option, exercisable in full or in part up to 48 hours prior to the closing of the Offering, to sell up to an additional 6,250,000 Units at the Unit Price for additional gross proceeds of up to C$500,000.The net proceeds raised under the Offering will be used for the exploration and advancement of the Company's Brewer Gold & Copper Project and Jefferson Project in...