Pacton Clarifies Number of Shares to be Issued to Chesterfield
Vancouver, British Columbia, October 19, 2022 – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton”) advises that, further to its news release of earlier today (the “Earlier News Release”) relating to the entry into a purchase agreement (the “Purchase Agreement”) with Chesterfield Resources PLC (“Chesterfield”) and its wholly owned subsidiary to acquire a 100% interest in the Adeline high-grade copper project, the Company wishes to clarify that the number of common shares of the Company (the “Shares”) to be issued to Chesterfield pursuant to the Purchase Agreement is expected to be approximately 12,700,000 Shares (not the 54,482,310 Share figure reported in the Earlier News Release) (the “Consideration Shares”), such that the Chesterfield will hold approximately 19.99% of the total issued and outstanding Shares on completion of the transaction. As at today’s date, the Company has 54,482,310 Shares issue and outstanding. Chesterfield’s ability to sell the Consideration Shares will be restricted according to certain terms detailed in the Purchase Agreement.
On Behalf of the Board of Pacton Gold Inc.
Interim President and CEO
For more information, please contact 1-(855)-584-0258 or [email protected].
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties 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. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.
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.