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VANCOUVER, BC / ACCESSWIRE / April 6, 2022 / Pacton Gold Inc. (TSXV:PAC), (OTC:PACXF), (FSE:2NKN) (the "Company" or "Pacton") is pleased to announce that further to its news releases of March 11, 2022 and April 4, 2022, it has closed the final tranche of its private placement. The Company issued 250,000 flow-through common shares (each a "FT Share") at $0.36 per FT Share for total proceeds of $90,000 and 4,580,000 non flow-through common shares (each a "NFT Share") at $0.30 per NFT Share for total gross proceeds of $1,374,000.
The gross proceeds from the issuance of the FT Shares will be used for Canadian Exploration Expenses and will qualify as "flow-through mining expenditures", as defined in subsection 127(9) of the Income Tax Act (Canada). The proceeds for the issuance of the NFT Shares will be used for general working capital.
The Company paid $5,400 in cash and issued 33,000 share purchase warrants to a finder for its efforts in finding certain placees. Each finder's warrant is exercisable into one common share of the Company at a price of $0.40 per share for a period of two years from date of issue.
All securities issued under the private placement will be subject to statutory hold periods expiring on August 7, 2022.
About Pacton Gold
Pacton Gold is a Canadian exploration company with key strategic partners focused on the exploration and development of high-grade gold properties located in the Red Lake gold rush in Ontario, Canada. The Company also owns a strategic portfolio of prospective projects in the district-scale Pilbara gold rush in Western Australia.
On Behalf of the Board of Pacton Gold Inc.
Nav Dhaliwal
Interim President and CEO
For more information, please contact 1-(855)-584-0258 or info@pactongold.com.
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Pacton Gold
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https://www.accesswire.com/696394/Pacton-Gold-Closes-Final-Tranche-of-Financing
