VANCOUVER, Nov. 23, 2018 /CNW/ - Pacton Gold Inc.
(TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the "Company" or
"Pacton") is pleased to announce that further to its news
release of October 11, 2018, it has
entered into a Tenement Sale and Purchase Agreement (the
"Agreement") to acquire a 70% equity interest in the
Hong Kong project (the "Hong
Kong Project") from Clancy Exploration Ltd
("Clancy"), an Australian Securities Exchange Listed
exploration company. The Hong Kong Project consists of a
single granted exploration license covering 40.15
km2 and directly adjoins the Friendly Creek and
Golden Palms projects held by
Pacton.
Under the terms of the Agreement, the Company will pay
CDN$175,000 and issue 3,780,613
common shares of the Company.
Upon completion of the acquisition, Pacton's wholly-owned
Australian subsidiary, Pacton Pilbara Pty Ltd ("Pacton
Pilbara") and Clancy will enter into a joint venture, with
Pacton Pilbara acting as operator of the Hong Kong Project. A
minimum of CDN$500,000 must be spent
by Pacton Pilbara within two years of completion of the
transaction. Clancy will be free carried with respect to
expenditures until a decision to mine is made unanimously by both
parties.
A finder's fee will be payable to Geonomics Australia Pty Ltd.
in respect of the transaction as permitted by the policies of the
TSX Venture Exchange.
This transaction is subject to the acceptance of the TSX Venture
Exchange.
About Pacton Gold
Pacton Gold (PAC: TSXV; PACXF: US) is a well-financed
Canadian junior with key strategic partners focused on the
exploration and development of conglomerate-hosted gold properties
located in the district-scale Pilbara gold rush in Western
Australia.
On Behalf of the Board of Pacton Gold Inc.
Alec Pismiris
Interim President & CEO
This news release contains or refers to forward-looking
information based on current expectations, including, but not
limited to the Company acquiring an interest in the Hong Kong
Project and completion of the proposed transaction described
herein, the prospect of the Company achieving success in exploring
the Hong Kong Project and the impact on the Company of these
events, including the effect on its share price. Forward-looking
information is subject to significant risks and uncertainties, as
actual results may differ materially from forecasted results.
Forward-looking information is provided as of the date hereof and
we assume no responsibility to update or revise such information to
reflect new events or circumstances.
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.
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content:http://www.prnewswire.com/news-releases/pacton-gold-signs-definitive-agreement-on-hong-kong-project-300754806.html
SOURCE Pacton Gold Inc.