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Pancon Announces Closing of Final Tranche of Brokered Private Placement for Aggregate Gross Proceeds of C$1.6 Million
Toronto, Ontario--(Newsfile Corp. - May 13, 2022) - Pancontinental Resources Corporation (TSXV...
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[{"type":"text","content":"Pancon Announces Closing of Final Tranche of Brokered Private Placement for Aggregate Gross Proceeds of C$1.6 MillionToronto, Ontario--(Newsfile Corp. - May 13, 2022) - Pancontinental Resources Corporation (TSXV: PUC) (OTCQB: PUCCF) (\"Pancon\" or the \"Company\") announced today the closing of the second and final tranche of its previously announced \"best efforts\" brokered private placement (the \"Offering\") with Red Cloud Securities Inc. and Paradigm Capital Inc. (the \"Agents\") acting as co-lead agents and joint bookrunners. Under the final tranche of the Offering, 4,700,000 units of the Company (each, a \"Unit\") were sold at a price of C$0.08 per Unit (the \"Unit Price\") for gross proceeds to the Company of C$376,000. Under the Offering, a total of 20,265,000 Units were sold at the Unit Price for aggregate gross proceeds to the Company of C$1,621,200.Each Unit consists 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 date of issuance. 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 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 South Carolina, U.S. and for general working capital purposes.Resale of the securities of the Company distributed under the Offering will be restricted, including a statutory hold period in Canada of four months and one day following the date of issuance.In connection with the closing of the second tranche of the Offering, the Company has paid to the Agents a cash commission totaling C$6,780 and have issued to the Agents 84,750 non-...