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Pacton Gold closes $6M financing for its 2020 exploration plans in Red Lake

It focuses on advancing high-grade gold properties in the Pilbara gold rush area, Western Australia and the Red Lake district in Ontario, Canada

canadian dollar gold bars
In the last tranche, the firm issued nearly 6.7 million units at C$0.12 per unit for total proceeds of C$802,400

Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) has closed the final tranche of a nearly C$6 million financing for further exploration at its Red Lake, Ontario gold properties. 

In the last tranche, the Vancouver-based junior issued nearly 6.7 million units at C$0.12 per unit for total proceeds of C$802,400. 

All told, Pacton raised nearly C$6 million, coupled with an earlier round of financing that saw the company issue 31.7 million flow-through shares at C$0.13 and an additional 13.2 million units at C$0.12 for gross proceeds of C$4.1 million and C$1.6 million respectively. 

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

Units issued in the latest round of financing consist of one share and one transferrable warrant exercisable at C$0.18 for a two-year period following closing.

Flow-through shares are a unique vehicle in Canada that allows junior mining investors to qualify for tax breaks if they help fund exploration plays.

Pacton said the C$1.6 million proceeds from the issuance of the units will be used for general working capital.

The firm also made cash payments of C$19,500 and issued 162,540 warrants as a finder’s fee.

Pacton 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.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Pacton Gold Inc.

Price: 1.55 CAD

TSX-V:PAC
Market: TSX-V
Market Cap: $51.19 m
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on 08/03/2020

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