Source: Pancontinental Resources Corp.
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  • Pancon Resources (PUC) has closed a brokered private placement for gross proceeds of $1.6 million
  • Under the final tranche, the company issued 4,700,000 units at a price of $0.08 per unit for gross proceeds of $376,000
  • Net proceeds will be used for the exploration of the Brewer Gold & Copper Project and the Jefferson Project
  • 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$0.06 per share

Pancon Resources (PUC) has closed its previously announced brokered private placement for gross proceeds of $1.6 million.

Under the final tranche, the company issued 4,700,000 units at a price of $0.08 per unit for gross proceeds of $376,000. Each unit includes one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of C$0.14 for a period of 24 months.

Warrants are subject to an acceleration clause.

The net proceeds will be used for the exploration and advancement of the Brewer Gold & Copper Project and the Jefferson Project in South Carolina and for general working capital purposes.

Red Cloud Securities Inc. and Paradigm Capital Inc. acted as co-lead agents and joint bookrunners.  The agents received a cash commission totalling C$6,780 and 84,750 compensation warrants.

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$0.06 per share.

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