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Pacton Gold unveils C$6M of financing for Canadian exploration and working capital

The resource group says it will place 25 million flow-through shares at C$0.14 each for total gross proceeds of C$3.5 million

Pacton Gold Inc. -
Pacton Gold is advancing high grade gold properties in the Pilbara in Western Australia and the Red Lake district in Ontario, Canada

Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) announced a C$6 million financing package on Wednesday for Canadian exploration expenses and for working capital. 

The resource group says it will place 25 million flow-through shares at C$0.14 each for total gross proceeds of C$3.5 million. It also announced a private placing of around 20.8 million shares at C$0.12 each for total gross proceeds of C$2.5 million. 

The gross proceeds from the flow-through shares will be used for Canadian exploration expenses, while the proceeds from the non-flow through shares will be used for general working capital. 

READ: Pacton Gold boasts significant gold mineralization in Red Lake exploration update

All securities issued will be subject to regulatory hold periods for four months and both placings are subject to the approval of the TSX venture exchange.

Pacton Gold is focused on advancing high-grade gold properties in the district-scale Pilbara gold rush area in Western Australia and the famous Red Lake district in Ontario, Canada.

Last month, Pacton updated on its Red Lake gold project and announced the addition of a new target area to its 10,000-metre drill program.

The program now includes four exploration hotspots  - Boyden, Carricona, LP Fault Extension and Shim -  which all lie within the Madsen-Dixie fault corridor, it revealed.

The company selected the Boyden prospect as its first drill target area based on the results of initial exploration activity and historical data. Channel sampling at the prospect returned values including 101.3 grams per ton of gold and 33.9 grams per ton of the yellow metal.

Contact the author at [email protected]

Quick facts: Pacton Gold Inc.

Price: 1.44 CAD

TSX-V:PAC
Market: TSX-V
Market Cap: $47.56 m
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Pacton Gold announces 11,000 metre drill program for Sidace JV Project

Pacton Gold (CVE: PAC- OTC: PACXF) CEO Dale Ginn joined Steve Darling from Proactive to discuss the news the company is about to begin a new drill program at their joint venture project Sidace in Red Lake. Ginn discusses how big the program will be and where they are planning to drill. Ginn...

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