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Pancontinental Gold Announces Closing of Second Tranche of Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - December 15, 2017) - Pancontinental Gold Corporation (TSXV...
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[{"type":"text","content":"Pancontinental Gold Announces Closing of Second Tranche of Private Placement of UnitsToronto, Ontario--(Newsfile Corp. - December 15, 2017) - Pancontinental Gold Corporation (TSXV: PUC) (\"Pancon Gold\" or the \"Company\") announces that it has closed the second and final tranche of its previously announced non-brokered private placement through the issuance of 830,000 units (\"Units\") at a price of $0.05 per Unit for gross proceeds of $41,500 (the \"Offering\"). The aggregate gross proceeds raised pursuant to the Offering was $191,500 through the issuance of 3,830,000 Units. Each Unit is comprised of one common share (\"Common Share\") of the Company and one Common Share purchase warrant (\"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.07 for twenty-four (24) months from the date of issuance, provided that the expiry date can be accelerated in the event the Common Shares trade at $0.15 or more for at least twenty (20) consecutive trading days following the expiry of the statutory four month and one day resale restriction. Proceeds of the Offering will be used to explore and advance its 100% owned Jefferson Gold Project and for working capital purposes.In connection with the completion of the second tranche of the Offering, the Company paid a cash commission of $455, equal to 7% of the gross proceeds raised from subscribers introduced to the Company by a finder.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 securities legislation. This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S....