For a total gross proceeds of C$2,595,000, the Company issued 6,487,500 units of the Company pursuant to the First Tranche. Each Unit consisted of one common share (each, a “Share”) and one share purchase warrant (each, a “Warrant Share”), which entitles the holder to purchase one Share (each, a “Warrant Share”) at a price of C$0.55 per Warrant Share until November 10, 2025.
The net proceeds of the offering will be used by the company for general working capital reasons, investor awareness and promotional expenses, and general and administrative expenses. According to relevant securities regulations, the securities issued in conjunction with the First Tranche closing are subject to a statutory hold period that ends on March 11, 2024.
This press release does not represent an invitation to purchase or sell any securities inside the United States. The securities may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or unless an exemption from such registration is available. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws.
Pan American Energy Corp. (FSE: SS60) (CSE: PNRG) (OTC PINK: PAANF) is an exploratory stage business primarily involved in the acquisition, development, and exploration of mineral assets in North America that include battery metals.
The Big Mack Lithium Project, located 80 km north of Kenora, Ontario, is drill-ready. The Company and Magabra Resources recently inked an option agreement in Canada that gives the Company the ability to purchase up to a 90% stake in the project. Additionally, the Company and Horizon Lithium LLC have entered into a property option agreement that grants the Company the chance to purchase a 100% stake in the Horizon Lithium Project, which is situated in Nevada’s Tonopah Lithium Belt in Esmeralda County.
This news release contains certain comments that are considered forward-looking information. These predictions concern upcoming activities or outcomes. Any expressions and statements relating to matters that are not historical facts that contain the words “could,” “intend,” “expect,” “believe,” “will,” “projected,” “estimated,” or words of a similar nature are meant to be identified as forward-looking information. These expressions and statements are based on the Company’s current beliefs or assumptions regarding the timing and outcome of such future events.
This news release, in particular, includes forward-looking statements about the Offering, including the overall amount of funds to be obtained, how the proceeds will be used, and when the Second Tranche of the Offering will close. The forecasts and projections presented in forward-looking information are usually based on a number of assumptions or factors, such as the following: that the company will raise the anticipated amount of gross proceeds from the offering, that the company will use the proceeds of the offering as currently anticipated, and that the company will close the Second Tranche of the offering on the anticipated timeline.