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Pancontinental Gold Corp
Symbol C : PUC
Shares Issued 99,510,354
Close 2017-10-12 C$ 0.035
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Pancontinental Gold arranges $500,000 private placement

2017-10-12 12:26 ET - News Release

Mr. Layton Croft reports


Pancontinental Gold Corp. intends to complete a non-brokered private placement financing of up to 10 million units at a price of five cents per unit for gross proceeds of up to $500,000.

Each unit consists of one common share of the company, and one common share purchase warrant entitling the holder thereof to purchase one common share at an exercise price of seven cents for 24 months from the date of issuance, provided that the expiry date can be accelerated in the event the common shares trade at 15 cents or more for at least 20 consecutive trading days following the expiry of the statutory four-month-and-one-day resale restriction. The company may pay certain finder's fees with respect to gross proceeds raised. The common shares and warrants comprising the units will be subject to a resale restriction for four months and a day from the date of issuance.

The company intends to use the net proceeds from the offering to explore and advance its 100-per-cent-owned Jefferson gold project and for working capital purposes.

Pancon Gold's next phase of exploration at the Jefferson gold project will be two-fold. Phase one is completing a comprehensive data compilation of the various sampling, trenching, drilling and geophysical analysis results conducted by multiple companies at and around the Jefferson project over the past three decades. This will provide a complete foundation of data and analysis in order to direct future phases of exploration. Phase two is conducting additional geophysical analyses over select areas at the Jefferson project.

Layton Croft, president and chief executive officer of Pancon Gold, commented: "Based on the drilling results and our interpretation of all available geophysical data, we have determined that the potential of the Jefferson gold project is much better than we previously thought. Our strategic land position, approximately 1,455 acres on the Carolina gold belt trend near the Haile gold mine and adjacent to the former Brewer gold mine, makes us the best positioned junior explorer in the region to discover a new Haile-type deposit as well as porphyry-related mineralized systems. In addition, we have been talking to potential strategic partners who could bring expertise, new technology and capital to assist us in achieving our objectives and increasing shareholder value."

About Pancontinental Gold Corp.

Pancontinental Gold is a Canadian-based mining company focused on the exploration and development of the Jefferson gold project, located in Chesterfield county, South Carolina, United States, and on acquiring additional prospective properties. The company's shares are listed on the TSX Venture Exchange, trading under the symbol PUC. The company also retains a 1-per-cent gross overriding royalty on future production from a rare earth element property in Australia.

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