- Pancontinental Resources Corporation (PUC) has closed the first tranche of its previously announced brokered private placement for gross proceeds of $1,245,200
- Under the first tranche, Pancon issued 15,565,000 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$0.08 per share
Pancontinental Resources Corporation (PUC) has closed the first tranche of its brokered private placement for gross proceeds of $1,245,200.
Under the first tranche, Pancon issued 15,565,000 units at a price of $0.08 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional share at an exercise price of $0.14 for up to 24 months after the closing date of the offering.
Warrants are subject to an acceleration clause.
The net proceeds raised 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.
Red Cloud Securities Inc. and Paradigm Capital Inc. are acting as co-lead agents and joint bookrunners. In connection with the closing of the first tranche of the offering, Pancon paid the Agents a cash commission totalling C$53,466 and issued 661,950 non-transferable compensation warrants.
The closing of the second and final tranche of the offering is scheduled for the first week of May.
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$0.08 per share.