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Pacton Gold raises additional C$2.8 million to advance project portfolio

The Vancouver-based company has a portfolio of exploration assets, including highly prospective ground in Red Lake, Ontario and Pilbara in Western Australia
canadian dollar
The junior company raised the funds for its projects in Canada and Australia

Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) announced Wednesday that it had closed an additional C$2.8 million financing to advance its projects in Canada and Western Australia.

The Vancouver-based company has a portfolio of exploration assets, including highly prospective ground in Red Lake, Ontario and Pilbara in Western Australia.

The junior said it had sold a total of 35.4 million common shares at a price of C$0.10 per share and around 167,000 shares at C$0.12, for total proceeds of C$3.6 million.

READ: Pacton Gold strikes partnership to use artificial intelligence to find gold in Red Lake, Ontario

Pacton also issued 16.6 million flow-through shares at a price of C$0.12 to generate nearly C$2 million in proceeds, which will be used for Canadian exploration expenses in accordance with the Income Tax Act that allows investors to write off the expense as a deduction.

Executive chairman Dale Ginn said the company is “pleased” with the completion of the final tranche of financing.

“Pacton has a very strong portfolio of gold projects in Canada and Western Australia and has a comprehensive exploration program underway,” Ginn said in a statement.

“We are particularly excited about the prospects for our Red Lake gold project and Pilbara gold projects and we look forward to sharing results as they come in."

The company said it paid a total of just over C$111,000 in finder’s fees associated with the financing. In addition, Pacton issued the finders 205,500 shares at C$0.15 exercisable for two years from the date of issue, as well as warrants authorizing the finders to purchase 472,500 shares at C$0.20 for a one-year period following issuance.

Shares of Pacton closed Wednesday at C$0.17 in Toronto and US$0.13 on OTC markets.

Contact Angela at [email protected]

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