- Pancontinental Resources (PUC) has raised more than C$3 million in a placement to fund exploration work at its Brewer Gold Project
- The company issued just under 15 million units at a price of 12 cents each in a placement brokered by Paradigm Capital
- A further 10.5 million units were also issued at the same price under a non-brokered placement
- The proceeds will be used to fund the company’s upcoming diamond drill program, which is expected to total 10,000 metres of core
- Pancontinental Resources (PUC) is currently steady at ten cents per share
Pancontinental Resources (PUC) has raised more than C$3 million in a placement to fund exploration work at its Brewer Gold Project.
The Toronto-based company issued 14,967,000 units at a price of $0.12 each, under a placement brokered by Paradigm Capital, for gross proceeds of $1,796,040.
A further 10,533,000 units were also issued at the same price under a non-brokered placement, for a total of $1,263,960.
These units are comprised of one common share in Pancontinental Resources and half of one common share purchase warrant. Each whole warrant will be exercisable at a price of $0.18 per share for a period of 24 months from the date of issuance.
As consideration for its services, Paradigm Capital was paid a cash commission worth seven per cent of the total amount raised and was issued 1,047,690 non-transferable broker warrants. These warrants will be exercisable at a price of $0.12 over a period of 24 months.
Layton Croft, President and CEO of Pancontinental Resources, commented on the completion of the financing.
“Pancon’s work to date at our flagship Brewer Gold Project and our surrounding Jefferson Gold Project has identified multiple strong geophysical anomalies and drill targets below the former shallow mined pits and to the northwest, west, southwest and south of the former mine.
“Funds from this financing will allow us to drill approximately 10,000 metres of core in our upcoming diamond drill program,” he said.
Approximately 1,000 drill holes have been completed at the Brewer Gold Project in the past, almost exclusively targeting shallow oxide gold mineralisation. However, only nine holes were drilled beyond a depth of 200 metres, which Pancontinental Resources intends to rectify by drilling targets to a depth of 600 metres.
Pancontinental Resources (PUC) is currently steady at ten cents per share at 11:41am EDT.