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Pancontinental Gold Announces Private Placement Financing of up to $500,000
Toronto, Ontario--(Newsfile Corp. - October 12, 2017) - Pancontinental Gold Corporation (TSXV:...
About this update from Carolina Rush Corporation
[{"type":"text","content":"Pancontinental Gold Announces Private Placement Financing of up to $500,000Toronto, Ontario--(Newsfile Corp. - October 12, 2017) - Pancontinental Gold Corporation (TSXV: PUC) (\"Pancon Gold\" or the \"Company\") is pleased to announce that it intends to complete a non-brokered private placement financing of up to 10,000,000 units (each, a \"Unit\") at a price of $0.05 per Unit for gross proceeds of up to $500,000 (the \"Offering\").Each Unit consists of one common share of the Company (a \"Common Share\"), and one Common Share purchase warrant (a \"Warrant\") entitling 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. 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.The Company intends to use the net proceeds from the Offering to explore and advance its 100% owned Jefferson Gold Project (\"Jefferson Project\") and for working capital purposes.Pancon Gold's next phase of exploration at the Jefferson Gold Project will be two-fold. Phase one is completing a comprehensive data compilation of the various sampling, trenching, drilling and geophysical analysis results conducted by multiple companies at and around the Jefferson Project over the past three decades. This will provide a complete foundation of data and analysis in order to direct future phases of exploration. Phase two is conducting additional geophysical analyses over select areas at the Jefferson Project. Layton Croft, President and Chief Executive Officer of Pancon Gold, commented: \"Based on the drilling results and our interpretation of all available geophysical data, we have determined that the potential of the Jefferson Gold Project is much better than we previously thought. Our strategic land position, approximately 1,455 acres on the Carolina Gold Belt trend near the Haile gold mine and adjacent to the former Brewer gold mine, makes us the best positioned junior explorer in the reg...