VANCOUVER, BC / ACCESSWIRE / April 22, 2021 / Pacton Gold Inc. (TSXV:PAC) (OTC PINK:PACXF) (FSE:2NKN) (the "Company" or "Pacton") is pleased to announce that it has entered into an agreement to vend the remaining 25% interest it holds in three of its properties within its Western Australian Pilbara portfolio. The Company has entered into an asset sale agreement (the "Agreement") with Pilbara Gold Corporation Pty Ltd ("PGC") and Raiden Resources Limited, whereby PGC agrees to purchase 25% of the Arrow, Yandicoogina and Boodalyerrie gold properties (the "Properties") (Figure 1).
Raiden Resources Limited, an Australian Stock Exchange listed company (ASX: RDN) ("Raiden"), recently acquired all the issued shares of PGC. Raiden will assume the consideration under the Agreement on behalf of PGC as the parent entity.
The Company completed the sale of a 75% interest in the Properties to the same parties in February 2021 (see Pacton news releases dated October 13, 2020 and February 16, 2021).
Consideration under the Agreement is as follows:
- payment of A$200,000 to Pacton; and
- issuance to Pacton of fully paid ordinary shares in the capital of Raiden valued at A$1,000,000, based on the volume weighted average price of Raiden's shares over 20 consecutive trading days from execution of the Agreement.
Nav Dhaliwal, Pacton's interim CEO commented, "As part of our increasing focus on our active projects in the Red Lake gold rush in Ontario, we have agreed to divest some of our Western Australia gold projects. As a substantial shareholder of Raiden Resources - the purchaser - Pacton will retain an indirect interest in all three projects, and we wish Raiden's team every success as they explore and advance these highly prospective properties."
About Pacton Gold
Pacton Gold is a Canadian exploration company with key strategic partners focused on the exploration and development of high-grade conglomerate and orogenic gold properties located in the district-scale Pilbara gold rush in Western Australia and the Red Lake District, Ontario.
About Raiden Resources
Raiden Resources Limited (ASX: RDN) is an ASX/DAX listed gold-copper focused exploration Company focused on the emerging prolific Tethyan metallogenic belt in Eastern Europe and has established a significant exploration footprint in Serbia and Bulgaria, and most recently in Western Australia.
On Behalf of the Board of Pacton Gold Inc.
Interim President and Chief Executive Officer
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.
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.
Adjacent Properties Disclaimer
Under National Instrument 43-101 (Standards of Disclosure for Mineral Projects), results, information and mineralization from adjacent properties cannot be assured to or necessarily indicate it occurs on the Company's property. Where adjacent property information is mentioned, the reader is cautioned to distinguish information from an adjacent property and the Company's and that there is no implication the Company will obtain similar information from its own property. Adjacent property information herein is obtained from publicly available sources including the adjacent property owners' websites and/or the media.