- Pancontinental Resources Corporation (PUC) has announced a brokered private placement for gross proceeds of up to $3 million
- The company will issue up to 37,500,000 units at a price of $0.08 per unit
- The net proceeds will be used for the exploration and advancement of the company’s Brewer Gold & Copper and Jefferson Projects
- Pancon is a Canadian junior mining company exploring the Carolina Slate Belt in the southeastern United States
- Pancontinental Resources Corporation (PUC) opened trading at C$0.075 per share
Pancontinental Resources Corporation (PUC) has announced a brokered private placement for gross proceeds of up to $3 million.
The company has entered into an engagement agreement with Red Cloud Securities Inc. and Paradigm Capital Inc. to sell up to 37,500,000 units at a price of $0.08 per unit.
Each unit shall consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of C$0.14 per for up to 24 months after the closing date. The warrants are subject to an acceleration clause.
The agents have been granted an over-allotment option to sell up to an additional 6,250,000 units for additional gross proceeds of up to C$500,000.
Pancon President & CEO, Layton Croft, commented on the financing.
“Our recently announced no-cost extension to our option to explore our flagship Brewer Gold & Copper Project through December 31, 2024 enhances our potential for success. This financing will fund new phases of geophysics and drilling, which will commence immediately and will be designed to accelerate negotiation of a potential purchase of Brewer from the Receiver.”
The net proceeds will be used for the exploration and advancement of the company’s Brewer Gold & Copper Project and Jefferson Project in South Carolina, U.S. and for general working capital purposes.
The offering is scheduled to close on or about April 19, 2022.
Pancontinental Resources, or Pancon, is a Canadian junior mining company exploring the Carolina Slate Belt in the southeastern United States. Pancon’s properties include the Jefferson Project and the Brewer Project, which includes the former Brewer Gold Mine.
Pancontinental Resources Corporation (PUC) opened trading at C$0.075 per share.