Business
Pan American Energy Closes First Tranche of Private Placement for Total Proceeds of C$900,000
CALGARY, Alberta, March 07, 2024 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (the “Company” or “Pan American”) (CSE: PNRG) (OTCQB: PAANF) (FRA: SS60) is pleas
About this update from Pan American Energy Corp.
[{"type":"text","content":" CALGARY, Alberta, March 07, 2024 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (the “Company” or “Pan American”) (CSE: PNRG) (OTCQB: PAANF) (FRA: SS60) is pleased to announce that it has closed the first tranche (the “First Tranche”) of its previously announced non-brokered private placement financing (the “Private Placement”) for gross proceeds to the Company of C$898,749.88. Pursuant to the First Tranche, the Company issued 1,892,105 units of the Company at a price of $0.475 per unit (each, a “Unit”), with each Unit comprised of one common share of the Company (each, a “Share”) and one Share purchase warrant of the Company entitling the holder to acquire one Share (each, a “Warrant Share”) at a price of C$0.55 until March 7, 2026. The Company intends to use the net proceeds of the Private Placement for general and administrative expenditures and to fund expenditures with respect to the Company’s Horizon Lithium Property. In accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units that were issued pursuant to the First Tranche have been, and the Units which may subsequently be issued under the Private Placement are, offered for sale to purchasers resident in all of the provinces of Canada (except Quebec) pursuant to the listed issuer financing exemption under Part 5A.2 of NI 45-106 (the “LIFE Exemption”). Because the Private Placement is being completed pursuant to the LIFE Exemption, the securities issued to subscribers in the Private Placement are not subject to mandatory resale restrictions in accordance with applicable Canadian securities laws. There is an offering document dated February 13th, 2024 related to the Private Placement that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.panam-energy.com. This offering document contains additional detail regarding the Private Placement, including additional detail regarding the expected use of proceeds from the Private Placement. Prospective investors should read this offering document before making an investment decision. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or available exemptions from such...