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Pancon Announces Completion Debt Settlement
Toronto, Ontario--(Newsfile Corp. - October 9, 2020) - Pancontinental Resources Corporation (T...
About this update from Carolina Rush Corporation
[{"type":"text","content":"Pancon Announces Completion Debt SettlementToronto, Ontario--(Newsfile Corp. - October 9, 2020) - Pancontinental Resources Corporation (TSXV: PUC) (\"Pancon\" or the \"Company\") announces that further to its July 30, 2020 press release, it has settled an aggregate of CDN$33,400 of indebtedness owed to a non-arm's length creditor through the issuance of 417,500 common shares in the capital of the Company (the \"Common Shares\") at a price of $0.08 per Common Share (the \"Debt Settlement\"). All Common Shares issued in connection with the Debt Settlement are subject to a statutory hold period of four months and a day from the date of issuance in accordance with applicable securities laws. The Debt Settlement was approved by disinterested shareholders of the Company at its annual and special meeting of its shareholders held on September 30, 2020. The Debt Settlement has received final approval of the TSX Venture Exchange. The Debt Settlement constituted a \"related party transaction\" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"), as an insider of the Company received an aggregate of 417,500 Common Shares. The Company is relying the exemption from the formal valuation requirements of MI 61-101, based on the fact that the fair market value of the transaction does not exceed 25% of the market capitalization of the Company. A material change report will be filed less than 21 days before the closing date of the Debt Settlement. Management believes that this shorter period is reasonable and necessary in the circumstances, to allow the Company to complete the Debt Settlement to improve its financial position.About PanconPancon is a Canadian junior mining company focused on exploring the prolific and underexplored Carolina Slate Belt in South Carolina, USA. In January 2020, Pancon won the exclusive right to explore the former Brewer Gold Mine. Between 1987-1995, Brewer produced 178,000 ounces of oxide gold from open pits that extended to 50-metre depths, where copper and gold-rich sulfides were exposed but could not be processed by the oxide heap leach processing facility. Brewer is a high sulphidation system driven by a sub-volcanic intrusive and possibly containing a large copper-gold porphyry system at depth, as indicated by: widely known prospective geolo...