VANCOUVER, May 14, 2018 /CNW/ - Pacton Gold Inc.
(TSXV:PAC) (the "Company" or "Pacton") is pleased
to welcome Mr. Eric Sprott as a
significant new shareholder of the Company, as announced in the
recent press release dated May 9,
2018, which discussed the closing of a $5.5 million strategic financing. Mr. Sprott
purchased approximately 10.1% of the outstanding common shares of
Pacton and would control approximately 18.4% of the Company, on a
partially diluted basis assuming the exercise of warrants.
In addition, the Company is pleased to announce the appointment
of Mr. Alf Stewart as a director.
Mr. Stewart will replace Mr. Richard
Kusmirski on the Board. The Company wishes to thank
Mr. Kusmirski for his contributions to the Company.
"We are pleased to welcome Eric
Sprott as one of Pacton's largest shareholders and
validating our strategy to become one of the leaders in the Pilbara
gold rush. Our recent initial acquisitions in the Pilbara have
solidified our presence in Western
Australia and will provide the cornerstone for Pacton, as we
continue to aggressively acquire and explore the region,"
commented Alec Pismiris, Interim President and CEO of
Pacton. "I am also excited to announce the appointment of
Mr. Alf Stewart to the Board of
Directors. Mr. Stewart brings a wealth of experience in the capital
markets and more specifically, extensive background in the
financing and acquisitions of projects in Australia, going back 25 years."
Alfred (Alf) Stewart, B.SC.
Geology, has a career spanning over 40 years in the resource and
investment industries. Mr. Stewart's career includes time spent as
a geologist, stock exchange regulator, investment banker, analyst
and investment advisor. Mr. Stewart has worked for such firms as
Bank of Montreal, Esso Minerals,
Erickson Gold Mining, Canaccord Capital, Haywood Securities, Golden
Capital, and Raymond James. He has
been involved in financing mining companies for over two decades,
including discoveries in the base and precious metals sectors. Mr.
Stewart is also the President and Director of BlueBird Battery
Metals Inc. (TSXV:BATT).
Pacton also announces that further to its news release
dated April 5, 2018, it has now finalized and executed a
definitive agreement whereby it will acquire a 51% ownership
interest in Arrow (Pilbara) Pty Ltd ("Arrow Pilbara"), an
Australian company wholly owned by Arrow Minerals Limited
(ASX:AMD). Pacton also has an option to acquire an additional
29% ownership interest in Arrow Pilbara. The agreement has
been submitted to the TSX Venture Exchange for final
acceptance.
The Company also advises that it has granted incentive stock
options under its stock option plan to directors for the purchase
of up to 300,000 common shares at a price of $0.55 per share, subject to the acceptance of the
TSX Venture Exchange.
On Behalf of the Board of Pacton Gold Inc.
Alec Pismiris
Interim President & CEO
Neither TSX Venture Exchange, the Toronto Stock Exchange nor
their Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE Pacton Gold Inc.