Pan American Energy Corp. Closes Private Placement for Gross Proceeds of C$400,000
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, Alberta, Jan. 13, 2025 (GLOBE NEWSWIRE) — Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) (“Pan American” or the “Company“) is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of C$400,000 (the “Offering”).
Pursuant to the Offering, the Company issued 5,000,000 units of the Company (each, a “Unit”) at a price of C$0.08 per Unit, with each Unit being comprised of one common share in the capital of the Company (a “Share”) and one Share purchase warrant of the Company entitling the holder to acquire one Share (each, a “Warrant Share”) at a price of C$0.12 per Warrant Share until January 13, 2026. The Company intends to use the net proceeds raised from the Offering for general working capital purposes. All securities issued in the Offering are subject to a statutory four month and one day hold period in accordance with applicable securities laws expiring on May 14, 2025.
The Company also announces that it no longer intends to proceed with the previously announced settlement of C$209,282.88 of debt through the issuance of 2,616,036 Units of the Company at the current time.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. 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 and 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 an exemption from such registration is available.
About Pan American Energy Corp.
Pan American Energy Corp. (CSE: PNRG) (OTCQB: PAANF) (FSE: SS60) is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.
The Company has executed an option agreement in Canada with Magabra Resources pursuant to which it has acquired a 75% interest in the Big Mack Lithium Project, 80 km north of Kenora, Ontario. The Company can earn an additional 15% interest in Big Mack, for a total of 90% interest.
To register for investor updates, please visit https://panam-energy.com.
On Behalf of the Board of Directors
Paul Gorman
Interim CEO
Contact
Phone : (587) 885-5970
Email: info@panam-energy.com
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the expected use of proceeds from the Offering and the Company’s intention not to proceed with the previously announced debt settlement at the current time.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including the assumption that the Company will use the proceeds of the Offering as anticipated and will not proceed with the previously announced debt settlement at some time in the future, whether on similar terms or otherwise. Those assumptions and factors are based on information currently available to the Company. Although such statements are based on reasonable assumptions of the Company’s management, there can be no assurance that any conclusions or forecasts will prove to be accurate.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include: the risk that the Company does not use the proceeds from the Offering as currently expected and that the Company determines to proceed with the previously proposed debt settlement at a future date, on similar terms or otherwise.
The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The CSE has neither approved nor disapproved the information contained herein.
