VANCOUVER, May 14, 2018
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.
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.
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