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Pancon Announces Closing of First Tranche of Private Placement for $1.5 Million
Toronto, Ontario--(Newsfile Corp. - December 20, 2018) - Pancontinental Resources Corporation ...
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[{"type":"text","content":"Pancon Announces Closing of First Tranche of Private Placement for $1.5 MillionToronto, Ontario--(Newsfile Corp. - December 20, 2018) - Pancontinental Resources Corporation (TSXV: PUC) (\"Pancon\" or the \"Company\") announced that it closed the first tranche of its previously announced non-brokered private placement through the issuance of 10,526,436 units (\"Units\") at a price of $0.07 per Unit and 10,125,000 Flow-Through Units (FT Units) through the issuance of 10,125,000 units (FT Units) at a price of $0.08 per FT Unit for a gross proceeds of $1,546,850.52 (the \"Offering\").Each Unit and FT Unit include a one-half Common Share Purchase Warrant. Each Full Warrant will entitle the holder to purchase a Common Share at an exercise price of $0.12 for eighteen (18) months from the date of issuance. If at any time after the date that is more than four months and one day following the closing of the Offering, the Common Shares trade on a stock exchange at a volume weighted average trading price of $0.20 or greater per Common Share for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof, and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company. The Company may pay certain finder's fees with respect to gross proceeds raised. The Common Shares and Warrants comprising the Units will be subject to a resale restriction for four months and a day from the date of issuance.Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable security legislation.About Pancontinental Resources CorporationPancontinental Resources Corporation (TSXV: PUC) is a Canadian-based mining company exploring four nickel-cobalt-copper projects in Ontario - three within the Montcalm Gabbro Complex near Timmins: Montcalm Project, Gambler Project, and Nova Project; and the McBride Project near Bancroft. Pancon's mission is to generate value through responsible exploration, focusing on prospective assets in proximity to producing or former mines and/or with existin...