Business
Pancon Announces Completion of Debt Settlement
Toronto, Ontario--(Newsfile Corp. - June 22, 2021) - Pancontinental Resources Corporation (TSX...
About this update from Carolina Rush Corporation
[{"type":"text","content":"Pancon Announces Completion of Debt SettlementToronto, Ontario--(Newsfile Corp. - June 22, 2021) - Pancontinental Resources Corporation (TSXV: PUC) (\"Pancon\" or the \"Company\") announced that, further to its press release of June 10, 2021, it has settled an aggregate of $103,000 of indebtedness owed to certain non-arm's length creditors of the Company through the issuance of an aggregate of 515,000 common shares (\"Common Shares\") of the Company at a deemed price of $0.20 per Common Share (the \"Debt Settlement\"). All securities issued in connection with the Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Debt Settlement constitutes a \"related party transaction\" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"), as insiders of the Company were issued an aggregate of 515,000 Common Shares. The Company is relying on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the Common Shares issued to the insiders in connection with the Debt Settlement does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. A material change report will be filed not less than 21 days before the closing date of the Debt Settlement. This shorter period was reasonable and necessary in the circumstances, as it was necessary for the Company to complete the Debt Settlement to immediately improve the financial position of the Company.About PanconPancon is a Canadian junior mining company focused on exploring the prolific and underexplored Carolina Slate Belt in Chesterfield County, South Carolina, USA. In January 2020, Pancon won the exclusive right to explore the former Brewer Gold Mine property. Between 1987-1995, Brewer produced 178,000 ounces of oxide gold from open pits that extended to 65-meter depths, where copper and gold-rich sulphides were exposed but could not be processed by the oxide heap leach processing facility (Zwaschka, M. and Scheetz J.W., 1995, Detailed Mine Geology of the Brewer Gold Mine, Jefferson, South...